Bank of England is about to open up interbank payments

Bank of England is about to open up interbank payments

On Tuesday, the Bank of England told that by the middle of 2017 it’s about to set out plans to widen access to the UK’s interbank payment system, as part of efforts to spur the country's financial infrastructure.

The BoE is eager to permit a variety of financial companies to take on the key high street banks, which currently boast access to the high-speed payments system, handling up to 500 billion pounds of transactions a day.

The reforms aimed to tame financial stability risks, including fraud and hacking and fraud, were highlighted the previous month by BoE officials as vulnerable points of the current set-up.

In 2014, a key outage of the BoE's Real-Time Gross Settlement system put the UK’s financial infrastructure in the spotlight.

The BoE added that the new system would be capable of linking with distributed ledger technology, underpinning digital currencies such as Bitcoin.

The UK’s major financial institution told it’s on the verge of rolling out most of the upgrades closer to the end of 2020.

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