Bank Of England Poised To Usher In New Dawn For Payments

By Mark Taylor (September 15, 2016, 8:00 PM BST) -- The Bank of England will set out a plan Friday to overhaul its creaking settlement systems, with radical changes predicted as the central authority looks to service a new generation of finance with groundbreaking technology.

Britain's central bank will announce a consultation on its real-time gross settlement system, having sought private advice and input from blockchain companies earlier this year. The Old Lady of Threadneedle Street is also expected to announce via policy change that nonbank 'payment service providers' can hold accounts at the BOE, to break what is viewed as a cartel of High Street names that provide checking accounts....

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