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Elyodtrebor

UK Cryptoassets Task Force - Final Report

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Box 3.J: Bank of England – RTGS renewal programme The Bank of England has established a programme to deliver a renewed Real-Time Gross Settlement (RTGS) service.21 RTGS holds accounts for banks, building societies and other institutions. It delivers final and risk-free settlement, by settling the net inter-bank movements arising from retail payments, and by settling high value (CHAPS) payments in real-time. RTGS is the hard infrastructure at the core of the UK payment system, processing payments of approximately £600 billion a day, equivalent to a third of annual UK GDP. 
The renewed RTGS service will offer a diverse and flexible range of settlement models, to enable existing and emerging payment infrastructures to access central bank money.22 The Bank of England has said that future forms of settlement, including those based on DLT, will be able to plug into the renewed RTGS service.  This renewal of core infrastructure is intended to support private innovation.  
In 2018, the Bank of England ran a proof of concept with a range of firms in order to understand how a renewed RTGS service could be capable of supporting settlement in systems operating on innovative payment technologies, such as those built on DLT

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All participants confirmed that the planned functionality for the renewed RTGS service would enable their systems to connect and to achieve settlement in central bank money. A number of recommendations were made to ensure optimal access to central bank money, which the Bank of England will consider as part of the renewal programme. 

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5.37 The backbone of the existing payments system – the Bank of England’s new RTGS service - will be compatible with DLT-based payment systems, supporting further innovation and use of DLT in financial services

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Enable the renewed RTGS service to be capable of interfacing with innovative payment platforms, including those based on DLT...……..Update on timing to be provided at the end of 2018 

AN interesting quick read I'll have to come back to do in full. In general seems a good balanced approach addressing many of the issues we're used to reading about that are potentially ripple related but also other crypto more generally. Also notable my positive association had to be slapped down a few times although hard not to think XRP with some of the above stuff, but there were a few others where my Ripple gland was twitching but then mentioned sandbox trials on Ethereum platform so as I say always useful to be reminded it's not all easy wins for XRP BUT...……….

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