On 17 June 2016, the Bank of England (BoE) published a speech in which the Governor of the BoE, Mark Carney, announced a number of BoE initiatives intended to promote the development of ‘FinTech’ (that is, the harnessing technology to make financial services more efficient).
What this means for you
Among other things, the BoE intends to widen access to its real-time gross settlement system (RTGS) to non-bank payment service providers (PSPs). By extending RTGS access, the BoE’s aim is to increase competition and innovation in the market for payment services. This news will no doubt be well-received by those non-bank PSPs which want to take a more central role in the payment system.