The system aims to focus on higher resilience, broader access, wider interoperability, improved user functionality, and strengthened end-to-end risk management of the high-value payment system. In particular, the RTGS will be designed to build capacity to interface with new payment technologies, such as blockchain, as adoption increases.
According to EconoTimes, Ripple said in an online post that the BoE selected it earlier in 2017 through its Fintech Accelerator to test whether blockchain technology could enable this “Global RTGS” capability. Recently, the central bank has also released the summary results of the proof of concept (PoC).
The PoC explored how distributed ledger technology (DLT) could be used to model the synchronised movement of two different currencies across two different ledgers, as part of the BoE’s wider research into the future of high-value payments. Ripple said that its solution showed potential in enabling RTGS systems which seamlessly support interoperability globally.
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