12 December 2017
visit www.solutions.lexisnexis.com

BofE says Ripple PoC reinforces desire for DLT compatibility

10 July 2017  |  17483 views  |  0 Bank of england

The Bank of England says that a distributed ledger technology proof-of-concept with Ripple has reinforced its intention to make a new real-time gross settlement (RTGS) platform compatible with DLT usage in the private sector.

Through its new fintech accelerator, the central bank has been working with Ripple to see how DLT can be used to model the synchronised movement of two different currencies across two different ledgers.

The BofE has already decided that DLT is not "sufficiently mature" to support its new core RTGS system, but says that the now completed Ripple PoC "was a useful exercise to develop the Bank’s understanding of synchronisation and possible technical solutions".

One issue thrown up by the work is that "cross-border payments when applied to wholesale markets present different challenges than when compared with retail and corporate transactions, which the Ripple product is designed to handle. The availability of liquidity is one such challenge, and the PoC allowed the Bank and Ripple to begin exploring these questions."

Meanwhile, a separate PoC with machine learning and AI outfit Mindbridge Ai proved successful in helping detect anomalies in datasets. A second phase will now look to test the firm's machine learning capability more fully by running it repeatedly as part of an operational process.

With another two PoCs (with regtech firm Enforcd and software testing outfit Experimentus) also completed, the bank's Andrew Hauser says: "We have learnt a great deal through these latest Proofs of Concept, both in terms of what FinTech can do, but in also in terms of how it can help us work, think and communicate differently."

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

Bank of England to take over running of Chaps as RTGS make-over comes onstream

Bank of England to take over running of Chaps as RTGS make-over comes onstream

09 May 2017  |  19233 views  |  1 comments | 17 tweets | 29 linkedin
Delivery plan agreed for consolidation of UK payment schemes

Delivery plan agreed for consolidation of UK payment schemes

04 May 2017  |  10781 views  |  1 comments | 12 tweets | 22 linkedin
Bank of England accelerator to tackle Big Data and privacy in distributed ledgers

Bank of England accelerator to tackle Big Data and privacy in distributed ledgers

19 April 2017  |  11689 views  |  0 comments | 24 tweets | 14 linkedin
Bank of England sets up fintech Community; runs blockchain and AI trials

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

17 March 2017  |  26034 views  |  0 comments | 35 tweets | 29 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.response.ncr.comvisit www.atos.netvisit www.solutions.lexisnexis.com

Top topics

Most viewed Most shared
Revolut lets customers buy Bitcoin, Litecoin and EthereumRevolut lets customers buy Bitcoin, Liteco...
18955 views comments | 26 tweets | 22 linkedin
Saxo Bank's 'Outrageous Prediction': Bitcoin to peak at $60k next year before spectacular crashSaxo Bank's 'Outrageous Prediction': Bitco...
11739 views comments | 7 tweets | 7 linkedin
Deutsche Bank paper hails 'huge' blockchain potentialDeutsche Bank paper hails 'huge' blockchai...
8525 views comments | 15 tweets | 21 linkedin
Santander UK poaches Barclays innovation chief Michael HarteSantander UK poaches Barclays innovation c...
7021 views comments | 8 tweets | 17 linkedin
Alior Bank to use Open API platform and accelerator to create fintech marketplaceAlior Bank to use Open API platform and ac...
6540 views comments | 19 tweets | 11 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job