Yesterday the Bank of England (BofE) announced that it awarded Accenture the contract for the renewal of its Real Time Gross Settlement (RTGS) system, the critical infrastructure in UK payments that processes £685 billion daily.
A digital pound or central bank digital currency (CBDC) was not mentioned in the announcement, but innovation was. Notably, Accenture is involved in numerous Central Bank Digital Currency (CBDC) experiments with the European Central Bank (ECB), France, Canada, Singapore and Sweden. It’s also a partner in the private Digital Dollar Initiative.
Additionally, the consultants worked with SAP to adapt the SAP Payments Engine to enable token-based real time gross settlement to run alongside a primary RTGS system.
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