The Bank of England (BoE) has revamped its payments framework making it compatible with distributed ledger technologies (DLTs), Reuters detailed Monday.
What’s So Great About Great Britain’s Payments System
Real-Time Gross Settlement system (RTGS) is fundamental for banking and trading in Britain and conducts transactions worth circa £500 billion every year – around 33% of the nation's economic output. The updated system is going to be launched by 2020, and will be resistant to digital assaults while being accessible to an extensive number of smaller organizations. This would empower them to use the framework directly, rather than through an intermediary of a large bank. read more