This article was first published on: Insights – Ripple --
The Bank of England (BoE) recently released its blueprint for its next generation real-time gross settlement system (RTGS), which will form the backbone of the UK’s payment infrastructure. One element of the vision set out in that blueprint was potentially adding synchronisation capabilities to its future RTGS system. This would enable payments in RTGS to be executed simultaneously with a movement of another asset. One potential usage of this capability could be cross-border payments, where movements in the sterling RTGS system could be synchronised with movements in another currency.
Through its Fintech Accelerator, the Bank selected Ripple earlier this year to test whether blockchain technology could enable this “Global RTGS” capability and today released summary results of the proof of concept (PoC).
The BoE’s PoC specifically looked at how Ripple’s solution could support the synchronisation of cash movements made using two simulated RTGS systems utilizing the o...
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