GlobalData
"The Bank of England (BoE) is set to launch a public consultation to explore alternative retail payment methods that bypass traditional debit and credit card networks, reported Reuters. The consultation is planned for the spring. Ahead of that, the BoE is creating panels to take evidence from stakeholders both inside and outside the financial sector."
Computer Weekly
"The Bank of England has completed the replacement of the UK financial system’s “beating heart”, and is making good progress in its goal of providing “silent operations”. Its replacement of the real-time gross settlement (RTGS) system, which processes £80bn in payments a day, is now live, after a staged project that began with early plans in 2017. RTGS settles payments made on systems including the clearing house automated payments system (Chaps) and bankers’ automated clearing services (BACS)."
Bank of England
"On 28 April, our renewed RTGS service – known as RT2 – went live. RT2 will support our strategic objectives for RTGS and CHAPS and act as an open platform for change and innovation, driving improvement in wholesale settlement efficiency and facilitating greater competition. Coupled with the introduction of ISO 20022 payments for CHAPS in 2023, this delivers enhanced resilience, greater interoperability, increased user functionality and greater access."
Reuters
"The Bank of England said on Thursday it had suffered a temporary outage to its CHAPS interbank payment system, which handles more than 360 billion pounds ($467 billion) on an average day, but expected all transactions to be settled by the end of the day."
Reuters
"The Bank of England told lenders on Monday that they must avoid any risk that customers might confuse new forms of e-money like 'stablecoins' with standard deposits which are guaranteed against bank failures."
Coindesk
"The Bank of England (BoE) has set up a digital pound advisory group which it is currently recruiting for as the country enters the design phase for its central bank digital currency (CBDC), it announced on Wednesday."
Ledger Insights
Yesterday, HM Treasury announced the appointment of Sarah Breeden as Deputy Governor for Financial Stability at the Bank of England (BoE). She will replace Sir Jon Cunliffe, a seasoned central bank digital currency (CBDC) expert who has held the post for the past ten years, the maximum term a Deputy Governor may serve.
ComputerWeekly.com
"Executive heading up the Bank of England’s core system replacement project says the financial services sector plumbing is getting the attention it deserves."
Bank of England
"In his speech, Jon Cunliffe looks at four areas where the tokenisation of money is now being explored. The first is stablecoins used for payments, the second is the tokenisation of commercial bank deposits, the third is the next stage of the Bank of England’s work on issuing a Digital Pound and the last is the Bank’s work to ensure to ensure these new forms of money are robust and uniform."
Bank of England
"On 19 June 2023, CHAPS and the Bank’s Real Time Gross Settlement System (RTGS) will migrate to the ISO 20022 messaging standard. The ISO 20022 message standard facilitates the sending of enhanced data in a richer, more structured format than currently, which will bring a wide range of benefits...In order to continue sending and receiving CHAPS payments from 19 June 2023, payment users may have to make changes to the way they send and receive payments. Users will also need to adapt to the new data requirements, which will become mandatory from November 2024 onwards."
