21 February 2018
visit www.nextgenbanking.co.uk/

Bank of England sets up fintech Community; runs blockchain and AI trials

17 March 2017  |  26329 views  |  0 Bank of england

The Bank of England's fintech accelerator programme has launched a new community forum for innovation talks and two new proof of concept trials exploring the use of AI and distributed ledgers.

Fintech community members will be invited to meet with the Bank two to four times a year to share updates on trends and developments in the sector and participate in quarterly networking and knowledge-sharing events.

The BofE community network currently consists of eighteen firm operating across the full fintech ecosystem, including startups, regulatory bodies, industry lobbies, legal firms and VCs.

Launched in June 2016, the central bank's fintech accelerator seeks to work in partnership with third party tech firms to help provide insights on new approaches to Bank operations and wider marketplace developments.

The latest proof of concept trials to emerge from the accelerator include and AI-driven application from MindBridge, and a cross-border payments pilot with Ripple.

MindBridge’s AI auditor detects anomalies in financial transactions and reports. "We are using it to explore the benefits of machine learning for analysing the quality of regulatory data input," states the Bank.

The engagement with Ripple will seek to demonstrate the synchronised movement of two different currencies across two different real-time gross settlement systems. It comes as the bank works towards a 2020 timeframe for the overhaul of the country's real-time gross settlement system.

"The aim is to show how this kind of synchronisation might lower settlement risk and improve the speed and efficiency of cross-border payments," the Bank says.

An earlier POC with Anomali on cyberthreat intellgience sharing led to an extended working relationship to explore the production of a working application for commercial deployment.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Millions of jobs at risk in Fourth Industrial Revolution - BofE staff blog

Millions of jobs at risk in Fourth Industrial Revolution - BofE staff blog

01 March 2017  |  8345 views  |  2 comments | 18 tweets | 16 linkedin
BofE turns to accelerator member Anomali to tackle cyber threats

BofE turns to accelerator member Anomali to tackle cyber threats

10 February 2017  |  7131 views  |  0 comments | 4 tweets | 6 linkedin
Carney accused of "lack of understanding" in remarks on robo-advisors

Carney accused of "lack of understanding" in remarks on robo-advisors

31 January 2017  |  7207 views  |  0 comments | 9 tweets | 5 linkedin
BofE uses accelerator to gain real-world fintech experience

BofE uses accelerator to gain real-world fintech experience

11 November 2016  |  14006 views  |  0 comments | 26 tweets | 16 linkedin
Bank of England officials watch as cyber attack unfolds

Bank of England officials watch as cyber attack unfolds

03 November 2016  |  11999 views  |  1 comments | 15 tweets | 15 linkedin
Bank of England sets 2020 deadline for overhaul of RTGS

Bank of England sets 2020 deadline for overhaul of RTGS

16 September 2016  |  9380 views  |  0 comments | 8 tweets | 12 linkedin
BofE advertises for digital currencies research lead

BofE advertises for digital currencies research lead

19 August 2016  |  7228 views  |  0 comments | 16 tweets | 10 linkedin
Central bank digital currency could boost GDP - BofE

Central bank digital currency could boost GDP - BofE

19 July 2016  |  7302 views  |  0 comments | 17 tweets | 11 linkedin
House of Lords asks BofE deputy governor: Time for 'Britcoin'?

House of Lords asks BofE deputy governor: Time for 'Britcoin'?

15 July 2016  |  8456 views  |  0 comments | 12 tweets | 6 linkedin
Distributed ledger tech could see Brits get Bank of England accounts - deputy governor

Distributed ledger tech could see Brits get Bank of England accounts - deputy governor

02 March 2016  |  8435 views  |  0 comments | 17 tweets | 15 linkedin
Bank of England to develop blueprint for overhaul of UK payments system

Bank of England to develop blueprint for overhaul of UK payments system

27 January 2016  |  15276 views  |  1 comments | 37 tweets | 37 linkedin
BofE launches blockchain challenge to find interns

BofE launches blockchain challenge to find interns

27 November 2015  |  9545 views  |  0 comments | 17 tweets | 13 linkedin
BofE's Haldane suggests ditching cash for cryptocurrency

BofE's Haldane suggests ditching cash for cryptocurrency

18 September 2015  |  17737 views  |  3 comments | 31 tweets | 23 linkedin
Bank of England Twitter test scores home run

Bank of England Twitter test scores home run

19 August 2015  |  9816 views  |  0 comments | 17 tweets | 8 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit www.vasco.comVisit http://info.nice.comvisit www.nextgenbanking.co.uk

Top topics

Most viewed Most shared
Saudi central bank provides sandbox for banks to try out Ripple techSaudi central bank provides sandbox for ba...
11946 views comments | 16 tweets | 12 linkedin
ABN Amro moves escrow accounts to the blockchainABN Amro moves escrow accounts to the bloc...
9715 views comments | 15 tweets | 13 linkedin
ECB launches staunch defence of cashECB launches staunch defence of cash
9461 views 10 comments | 22 tweets | 26 linkedin
Coinbase and Visa at loggerheads over erroneous charges on customer crypto accountsCoinbase and Visa at loggerheads over erro...
8223 views comments | 13 tweets | 12 linkedin
FCA explores creation of global sandboxFCA explores creation of global sandbox
7477 views comments | 19 tweets | 18 linkedin

Featured job

Basic c. EUR 90K OTE c. EUR 180K plus full bene...
Paris (preferred) or London

Find your next job