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Ripple joins the Bank of England FinTech Accelerator

Monday 20 March 2017 | 10:25 AM CET

Ripple has joined the Bank of England’s FinTech Accelerator to explore ways the bank can use blockchain technology to enable improved cross-border payments.

This collaboration aims to conduct a PoC that demonstrates cross-border payments and settlement using two different Real Time Gross Settlement (RTGS) systems. Ripple’s solution is built around the open and neutral Interledger Protocol and serves to power interoperable payments across different ledgers and networks.

The goal of this PoC is to showcase the synchronized movement of two different currencies across two different RTGS systems and how this kind of synchronization might lower settlement risk and improve the speed and efficiency of cross-border payments.

The Bank of England’s FinTech Accelerator was launched in June 2016 and works in partnership with new technology companies to harness financial technology solutions for central banking institutions. Selection to participate in this PoC is a competitive process, and at the conclusion may be additional opportunities to showcase the results in a case study, or even continue down a path to becoming an ongoing partner of the Bank of England.

Recently, Ripple has also participated in the Bank’s public consultation for the RTGS Strategy Review, an initiative focused on the design of the next generation of RTGS system for the United Kingdom’s central bank.

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