This article was first published on: Insights – Ripple --
The Bank of England’s FinTech Accelerator announced today that it is conducting a PoC with Ripple to demonstrate cross-border payments and settlement using two different Real Time Gross Settlement (RTGS) systems. This collaboration marks the first instance of a central bank exploring how it can use blockchain technology to enable improved cross-border payments. 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 @bankofengland is the 1st central bank exploring their use of blockchain tech. Proud to join them! Tweet This
Launched in June 2016, the Bank of England’s FinTech Accelerator works in partnership with...
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