BLOCKCHAIN

RTGS WILL SUPPORT DLT: The BofE’s overhauled real time gross settlement (RTGS) system will be able to “interface” with distributed ledger technology (DLT)-based systems, according to Finextra. The confirmation, which follows rumors and testing related to blockchain technology, comes on the heels of a proof-of-concept pilot that the bank ran with Baton Systems, Clearmatics, R3, and Token to see if RTGS would be compatible with blockchain. The test found that the new service will support DLT-related transfers. Though there are still limitations to the technology — BofE is still working on data preservation and protection, for example — such a system could allow for future integrations for a wider variety of partners and might enable more fintechs to tap into the system. (The BofE began allowing nonbanks to apply for settlement accounts using RTGS last year.) That could grow the volume that the system processes beyond the £500 billion ($655 billion) it sees daily. But more interestingly, it could mark an increased acceptance and embrace of emerging technologies on the part of government bodies and regulators — recognition that could lead to improved reach and access for fintechs.

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