Bank of England Upgrades RTGS Payments System to be Blockchain Friendly

2018-7-25 02:43

According to Reuters, the Bank of England recently updated its payment system which will now be compatible with blockchain-based and fintech applications. For a considerable period, the central bank has been implementing radical changes to its Real-Time Gross Settlement System (RTGS) to improve its efficiency and comply with the latest technological advancements.

The RTGS forms an integral part of the British economy, handling a whopping $500 billion every year. Upon its completion in 2020, the new RTGS is expected to immune to cyber-attacks and provide access to small and medium-sized enterprises. As a result, businesses will no longer require the central bank to act as an intermediary.

Earlier this year, the Bank of England proposed the use of the ‘proof of concept’ standard in the improvement of RTGS. The bank also asked for the feedback of prominent payment system developers such as R3 and Clearmatics. Precisely, these institutions were asked to assess whether the new cloud-based RTGS infrastructure would integrate seamlessly with blockchain platforms. Furthermore, the bank sought to establish if the functionality of RTGS could be improved by incorporating new technology.

Amazingly, the firms unanimously acknowledged that RTGS can work with distributed ledger technology flawlessly. Consequently, such institutions would be able to connect to the central bank and achieve settlement efficiently. However, there are some measures that need to be deployed to improve the accessibility to the bank’s systems. One particular recommendation proposed the use of cryptographic signatures to eliminate the possibility of data alteration.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Time New Bank (TNB) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.01 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0213889 (-100%)

system bank rtgs england radical changes central

system bank → Результатов: 84


Фото:

Cryptocurrencies Pose No Threat to Global Finance but Require Vigilant Monitoring, Says FSB

In a press release issued on July 16 via its website, the Financial Stability Board (FSB) announced that cryptocurrencies do not pose a threat to the global financial system. FSB Partners with CPMI to Monitor Cryptocurrencies The purpose of the announcement was to apprise the G20 Finance Ministers and Central Bank Governors of the FSB’s activities concerning the emerging cryptocurrency industry.

2018-7-17 15:00


Фото:

The Genesis Files: With Bit Gold, Szabo Was Inches Away From Inventing Bitcoin

As his Hungarian parents had fled post-war Soviet regime to settle in the United States, Nick Szabo came to call the Californian Bay area of the 1990s his home. Here, he was among the first to frequent the in-person “Cypherpunk” meetings organized by Timothy May, Eric Hughes and other founding members of the collective of cryptographers, programmers and privacy activists centered around the ’90s mailing list of the same name.

2018-7-13 17:16


BitUN Blockchain Bank And Bitrabbit Exchange Announce Cooperation

Two leading blockchain technology players, BitUN and Bitrabbit have entered into a strategic cooperation agreement. The agreement will see both parties conduct long-term and in-depth cooperation on various aspects such as funds custody, funds settlement and user system to fully integrate the superior resources of technologies, products and services to provide the most secure and […]

2018-7-12 12:40


Coinbase CTO Says Bitcoin Creates Easier Way To Not Use USD System For Investors

CTO of CoinBase, Balaji S. Srinivasan, and co-founder of Counsyl, as well as Teleport, Earn and CoinCenter released a tweet on his response to the Bank of International Settlements’ extreme warnings on cryptocurrency trading, even stating that digital commerce will bring the internet crashing to a halt. He responded to the group’s tweet warning, saying, […]

2018-7-9 11:03


Фото:

Russia’s Biggest Payments System Qiwi to Open Crypto-Investment Bank

QBT, a daughter company of Russia’s largest electronic payments system Qiwi, announced it will launch the country’s first ever cryptocurrency investment bank.   Russia’s First Cryptocurrency Investment Bank The new company — which will operate under the brand-name HASH — will be registered in Russia, reports Russian news outlet Kommersant.

2018-6-30 05:00


ABM AMRO Bank Keynote Speaker Says Blockchain Will Overthrow Banking System of Today

According to an executive at the Dutch financial institution ABM AMRO Bank, the banking system that we currently know may be overthrown by blockchain technology. The company is already working with financial institutions that use Hyperledger technology with the intention to offer new financial services and products, including the tokenization of securities. An executive of […]

2018-6-30 23:49


Фото:

U.K. Banks Warned to Be Careful With Cryptocurrencies

The Bank of England has warned U. K. lenders to study cryptocurrencies before doing business in the space. In a letter sent out to the financial institutions in the country yesterday, the Bank of England Deputy Governor Sam Woods warned financial companies to take appropriate steps to protect themselves against "exposure to crypto-assets" which he believes are susceptible to "fraud and manipulation, as well as money-laundering and terrorist financing risks.

2018-6-29 18:17


Cryptocurrency still cruising as US Federal Reserve Bank Recognizes it

One of the 12 regional Reserve Banks in the US central banking system, The Federal Reserve Bank of St. Louis, have added four cryptocurrencies to its database. Bitcoin, its off-spring from a fork, Bitcoin Cash, Litecoin, and Ethereum are the four cryptocurrencies which were chosen and daily data on their prices will be listed on […] The post Cryptocurrency still cruising as US Federal Reserve Bank Recognizes it appeared first on ZyCrypto.

2018-6-28 17:44


Фото:

The Central Banks Of Australia And New Zealand Against Cryptocurrencies

The trend of ‘central banks’ talking about cryptocurrencies is warming up once more, with The Reserve Bank of Australia (RBA) and The Reserve Bank of New Zealand (RBNZ) weighing in on the debate. The pair have moved to debunk rumours that they are investigating in establishing their own central bank digital currency, on the basis that they believe such a project would inevitably damage their current banking system.

2018-6-26 17:00


Central Bank of Brazil To Use Blockchain For Sharing Information

Brazil’s Central Bank (BCB) has announced the birth of its first blockchain project developed set to be rolled out at the end of the year. The Information Integration Platform for Regulators (Pier), the new system developed by the BCB’s IT Department (Deinf) will now be used by the central bank to send and receive information […] The post Central Bank of Brazil To Use Blockchain For Sharing Information appeared first on ZyCrypto.

2018-6-21 22:42


Фото:

The previous occupant of fdic chair states “bank dominated payments system” could lead to severely negative consequences regarding cbdc

So they pull their uninsured money out of the banking system, disrupting the free flow of payments. […] However, suppose consumers could convert their bank deposits into a digital currency that would be issued and backed by the Fed? When it wants to raise rates — as it is doing now — it reduces its

2018-6-13 07:25