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.