Tagged: bank of england

UK Banks Say they Need to be “Liberated” to Invest in IT to Defend Against Fintech Challengers, Big Tech, US Banks

The Bank of England (BoE) is getting ready for its first major break from European Union regulations with a new proposal that might make bank capital rules a lot more strict in the UK (when compared to other jurisdictions). The European Banking Authority had noted… Read More

Central Bank Officials are Not Confident in Bitcoin or Other Digital Currencies’ Ability to Serve as Legitimate Financial Instruments

Existing virtual currencies are unlikely to last, according to Bank of England governor Andrew Bailey. Decentralized cryptocurrencies like Bitcoin (BTC) or Bitcoin Cash (BCH) don’t have the appropriate structure to work as a viable long-term payments method, according to Bank of England (BoE) governor Andrew… Read More

Open Banking Services being Used by Over 2.5 Million UK Consumers and Businesses to Complete Payments: Report

Banking Circle, a financial infrastructure developer, notes that only a month into the new year, and partnerships are already beginning to emerge as “a strong theme underpinning the future of the industry.” Banking Circle also confirmed that they’ve teamed up with global provider of local… Read More

Bank of England Payments Policy Team Head Cordelia Kafetz to Join UK’s Digital Bank Starling as Head of Financial Risk

Cordelia Kafetz, who was responsible for helping to launch Bank of England’s (BoE) Fintech hub in 2018 and has also served in key roles as part of the Payments Policy Team, has reportedly decided to join UK’s digital bank Starling. Starling Bank has confirmed that… Read More

Fintech Mergers and Acquisitions May Increase in the UK following COVID, Linklaters Exec Predicts

The United Kingdom has maintained its status as a major global Fintech hub. But will the country be able to capture a significant share of the world’s financial technology business after Brexit and can it retain its dominant status despite the challenges created by the… Read More

Will Low Interest Rates Push Consumers to Change Savings Providers?

The Bank of England’s Monetary Policy Committee has voted unanimously to maintain the Bank Rate at 0.1% following a meeting yesterday. As the economy continues to be challenged by the COVID-19 health crisis, the MPC also decided to continue its quantitative easing plan. For savers,… Read More

Bank of England Speech Notes that Cross Border – Faster Payments May Include DLT

A speech delivered today by Victoria Cleland, Executive Director, Banking, Payments, and Innovation at the Bank of England, tackled the topic of faster payments and cross-border transfers. Cleland highlighted the three-stage process to advance cross border payments being pursued at the international level and then… Read More

Bank of England Governor Andrew Bailey Says Bitcoin Falls Short in Payments but Stablecoins May be Useful

Andrew Bailey, the Governor of the Bank of England, spoke at the Brookings Institue in the US this week and he tackled a hot topic: cryptocurrencies. More specifically, Bailey spoke about the efficacy, or lack of, when using certain digital assets in payment transactions. Bailey… Read More

The Bank of England will Work with Accenture on Real Time Gross Settlement Service

The Bank of England has announced that Accenture has been appointed as the “Technology Delivery Partner for the Real Time Gross Settlement (RTGS) service Renewal Programme.” RTGS is where financial institutions hold their sterling bank accounts. The Bank of England will work with Accenture to… Read More

Cross-Border Payments and Market Infrastructure Report from BIS Says Current Challenges with International Money Transfers will be Addressed at G20

The emergence of new Fintech industry participants such as the Facebook-led Libra project have made it clear that the existing, global cross-border payments system can be improved. A Bank for International Settlements (BIS) committee report on Payments and Market Infrastructure (CPMI) has noted that countries… Read More

CBDCs: New Report Confirms Most Reserve Banks Don’t Want to Use an Actual Blockchain to Issue Digital Currencies

Reserve banks in 46 countries are currently exploring or considering developing a central bank digital currency (CBDC) by using a permissioned (or private) distributed ledger technology (DLT)-based platform. This, according to a recently published survey from UK-based journal Central Banking. The publication is reportedly supported… Read More

Bank of England Says TFSME Will Open Sooner than Originally Announced

On March 10, 2020, the Bank of England, Monetary Policy Committee (MPC) voted to reduce Bank Rate and to introduce a new Term Funding Scheme with additional incentives for Small and Medium-sized Enterprises (TFSME). Today, the Bank is announcing that the TFSME will open for… Read More

Starling Bank Revises Interest Rate on Credit Balance For Free Currency Accounts Following Bank of England’s Decision to Cut Interest Rates During the Coronavirus Outbreak

UK-based digital banking group Starling Bank announced over the weekend it is revising the interest rate it pays on credit balances on its free current accounts, following the Bank of England’s (BoE) decision to cut interest rates amid the coronavirus outbreak. Starling reported that theBoE… Read More

CBDCs: Central Bank Digital Currencies Could Offer Several Opportunities, Says Bank of England

The Bank of England (BoE), the UK’s reserve bank, has released a discussion paper on virtual currencies. The BoE’s 57-page research document includes an illustrative model of central bank digital currencies, or CBDCs, which could be developed to store monetary value and settle payments by… Read More

Bank of England Deputy Governor Discusses Stablecoins, Crypto Assets & CBDCs in Speech

Sir Jon Cunliffe, Deputy Governor Financial Stability of the Bank of England, delivered an interesting speech this week at the London School of Economics. In a presentation entitled, “It’s Time to Talk About Money” Cunliffe tackled the hot topics of “crypto assets,” stablecoins, and central… Read More

Bank of England Is Looking for a Cloud Build Partner to be a Part of its One Bank Service Transformation Strategy

The Bank of England (BoE) is reportedly looking for a cloud build partner, which will be a part of its One Bank Service Transformation strategy. The UK’s reserve bank notes that it is planning to work with “an experienced partner to assist in design, construction… Read More

Bank of England and FCA to Introduce Artificial Intelligence and Machine Learning Forum

The UK’s Financial Conduct Authority (FCA) and the Bank of England (BoE) will reportedly be running a public/private forum that will go into the relevant technical and public policy issues related to bank adoption of artificial intelligence (AI) and machine learning (ML) technologies and software…. Read More

The Bank of Canada, Bank of England, Bank of Japan, ECB, Sveriges Riksbank, Swiss National Bank, and BIS Partner on Review of Central Bank Digital Currencies

A grouping of prominent central banks along with the Bank for International Settlements, have joined together to review the potential for Central Bank Digital Currencies (CBDCs). The banks and organizations include: the Bank of England, Bank of Canada, Bank of Japan, European Central Bank (ECB), … Read More

European Central Bank Publishes Paper on Advantages and Risks Associated with CBDCs

CBDCs Could Disintermediate in a Structural Way the Banking System. The European Central Bank (ECB) has published a paper on Central Bank Digital Currencies (CBDCs).  CBDCs are the state form of stablecoins – cryptocurrency based off a single asset like the Dollar, Euro or Pound… Read More

Regtech: NYDFS Is Reportedly Planning to Hire a Director to Help the Regulator Design, Implement, and Manage a Regulatory technology Platform

The New York Department of Financial Services (NYDFS), the financial and digital currency regulator for the state of New York, appears to be to developing regulatory technology (Regtech) solutions in order to enhance its existing oversight and supervising capabilities. The NYDFS is reportedly looking for… Read More

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