July 25, 2018 @ 11:46 am By JD Alois  |  

Earlier this week, the Bank of England (BoE) published a document outlining progress on their proof of concept (POC) project for a “renewed Real-Time Gross Settlement (RTGS) service that will deliver a resilient, flexible and innovative sterling payment system for the United Kingdom to meet the… Read More

June 27, 2018 @ 6:31 am By JD Alois  |  

The Bank of England has just issued its most recent Financial Stability Report. Of course, the Bank has its hands full right now with the Brexit drums pounding. It’s all hands on deck to assure nothing cataclysmic occurs when the European divorce is finalized. There… Read More

June 22, 2018 @ 2:44 am By JD Alois  |  

In a sweeping speech that was broadly positive, Bank of England Governor Mark Carney set the tone for what will be his final year leading the central bank. Carney said that an “effective financial system must be resilient, fair and dynamic” to deal with tectonic… Read More

June 6, 2018 @ 11:00 am By JD Alois  |  

The Bank of England has launched a six week consultation to adopt a common global language on payments known as ISO 20022. The Bank notes that existing standards are fragmented and inconsistent thus complicating the important aspect of the financial industry. By creating a standard,… Read More

May 21, 2018 @ 2:45 pm By JD Alois  |  

Today was the first meeting of the UK Cryptoassets Taskforce. The previously announced group involves the participation of the Financial Conduct Authority (FCA), Bank of England (BoE), HM Treasury and other Senior government officials. Some of the named participants include, Katharine Braddick, Director General of… Read More

May 2, 2018 @ 11:40 am By JD Alois  |  

The Governor of the Bank of England, Mark Carney, has appointed Huw van Steenis as a Senior Adviser on the long-term future of the financial system. According to the Bank, van Steenis will work with colleagues from around the Bank to deepen its understanding of… Read More

March 22, 2018 @ 4:52 pm By JD Alois  |  

Dave Ramsden, Deputy Governor of Bank of England, addressed the topic of Fintech within the Bank in a speech today. The presentation saw the banker announce a new Fintech Hub within the Bank following the success of its internal Fintech Accelerator; “We are now looking… Read More

March 19, 2018 @ 8:48 am By JD Alois  |  

The Financial Stability Board (FSB), the international body that monitors and makes recommendations about the global financial system, has published its assessment of risk in advance of the upcoming G20 meeting which will take place in Buenos Aires today and tomorrow. The FSB is chaired by… Read More

March 16, 2018 @ 6:41 am By JD Alois  |  

The Bank of England, Financial Policy Committee (FPC), is out with their statement from the meeting on March 12th regarding the outlook for UK financial stability risks. Included within the statement is a comment on crypto-assets. The Bank states: The Committee recognises the potential benefits… Read More

March 13, 2018 @ 7:06 pm By JD Alois  |  

Rise of the CBDC Coin? Perhaps. The Bank for International Settlements have added their $0.02 to the discussion in a recently published paper from the Committee on Payments and Market Infrustructure, Markets Committee. The report entitled Central Bank Digital Currencies (or CDBCs) is the work… Read More

March 2, 2018 @ 12:43 pm By JD Alois  |  

As reported earlier today, Mark Carney, the Governor of the Bank of England, delivered a speech today address the rise of cryptocurrencies and the future of money. In Carney’s opinion, cryptocurrencies are “failing as money.” He outlined his opinion why crypto, including Bitcoin, simply does… Read More

March 2, 2018 @ 8:48 am By JD Alois  |  

What is money? In The Wealth of Nations, Adam Smith defines money by the roles it plays in society, in particular, how well it serves as: –  A store of value with which to transfer purchasing power from today to some future time; –  A… Read More

January 1, 2018 @ 7:25 pm By JD Alois  |  

2018 is here and 2017 is in the rear view mirror getting smaller by the minute. In the world of Fintech, the past twelve months have been momentous as new innovations in finance have risen in prominence while others, once promising, have waned. So what… Read More

December 20, 2017 @ 7:39 am By JD Alois  |  

Tandem, a digital challenger bank, has received regulatory approval from the Bank of England’s Prudential Regulatory Authority to acquire Harrods Bank. Tandem’s purchase of Harrods Bank is being described as a major step forward as Tandem will gain access to a full banking license, intrinsic… Read More

November 16, 2017 @ 12:00 am By JD Alois  |  

On 16 November, for Future Forum 2017, the Governor, Deputy Governors and Chief Economist will spend the day in and around Liverpool, meeting with a wide cross-section of the public.  We’ll be talking about economics and the economy and explaining to people how the financial… Read More

October 6, 2017 @ 8:35 am By JD Alois  |  

Andrew Hauser, the Executive Director of Banking, Payments and Financial Resilience from the Bank of England, delivered a speech today explaining why “this time is different.” His statement reflected on detractors who criticize Fintech as more of the same. Sure, ATMs came along and they were… Read More

October 6, 2017 @ 7:58 am By JD Alois  |  

The Bank of England has published an update on their FinTech Accelerator program announcing the latest cohort of proofs of concepts along with a status report. The news shared as part of a speech by Andrew Hauser, Executive Director for Banking, Payments and Financial Resilience delivered… Read More

October 5, 2017 @ 10:02 pm By JD Alois  |  

Late last month, Christine Lagarde, International Monetary Fund Managing Director, delivered a speech in the UK envisioning a future without banks. Now Lagarde did not say banks will no longer exist but she stepped up to the precipice of the death of banking stating there… Read More

September 10, 2017 @ 3:40 pm By JD Alois  |  

Earlier this month, the Bank of England published a staff working paper entitled, “Competition and prudential regulation”. The document is the work of Paul Fisher, former Deputy Head of the Prudential Regulation Authority (PRA) and Executive Director for Supervisory Risk and Regulatory Operations, and Paul A Grout,… Read More

July 19, 2017 @ 7:22 am By JD Alois  |  

​The Bank of England has announced that non-bank payment service providers (PSP) are now eligible to apply for a settlement account in the Bank’s RTGS or Real Time Gross Settlement system. For Fintech firms, holding their own settlement account at the Bank enables direct access… Read More