Bank of England will improve its technology
The English institution is working on improving its payment system through the blockchain
The highest financial authority in the United Kingdom, the Bank of England (BoE), said that it is in the process of innovating its payment systems.
According to sources close to the entity, the BoE is working with distributed accounting technology (DLT), better known as blockchain.
Through a statement, the English entity stressed that the renewal of the Real Time Gross Settlement System (RTGS), should be more than enough to be able to intertwine with financial technology firms (fintech).
Currently the BoE is in a pilot of a proof of concept (PoC), with the support of Baton Systems (Baton), Clearmatics Technologies Ltd (Clearmatics), R3 and Token. This stage has as purpose to find the ways in which the blockchain system can benefit the RTGS system.
“All the participants confirmed that the functionality offered by the renewed RTGS service would allow their systems to connect and achieve the liquidation of the central bank’s money,” the official document explained.
K. Tovar
Source: BTCSoul
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