BoE Integrates Blockchain Proof-of-Concept in its Payment Settlement Service

The Bank of England plans to use a Blockchain tech for their real-time gross settlement (RTGS) service cutting the waiting period

Tue, 3/04/2018 - 8:40

BoE Integrates Blockchain Proof-of-Concept in its Payment Settlement Service

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The Bank of England plans to use a Blockchain tech for their real-time gross settlement (RTGS) service.

The testing Real Time Gross Settlement service can allow users to transfer money from one bank to another without annoying waiting period. However, RTGS cannot be used to send money from other accounts and once the transaction is completed it cannot be reversed.

RGTS could be compatible with innovative payment technologies, including built-in distributed ledger technology (DLT). The renewed service integrates proof-of-concept (PoC) approach.

About the author

Beixi Xu

Beixi Xu is a Washington-based business reporter with a strong interest in AI, Next Generation Technologies and space exploration. Besides English, she also speaks Mandarin and German. She is currently working as a business and market reporter for Medill News Service, covering retail and transportation.