Bank of England teams with Ripple for cross-border payments
The Bank of England’s (BoE) fintech accelerator has teamed with Ripple for a cross-border payments proof of concept (PoC).
As Banking Technology reported last year, the accelerator was set up to harness innovation for central banking.
In this latest development, the PoC with Ripple is intended to demonstrate the synchronised movement of two different currencies across two different real-time gross settlement (RTGS) systems to “show how this kind of synchronisation might lower settlement risk and improve the speed and efficiency” of cross-border payments. Ripple’s solution is built around the open and neutral interledger protocol and serves to power interoperable payments across different ledgers and networks.
Along with the Ripple deal, the bank is working with artificial intelligence (AI) start-up MindBridge on a PoC. BoE will use MindBridge’s AI Auditor to detect anomalies in financial transactions and reports using data science, machine learning and AI.
BoE has also set up a community to share developments, trends and insights and increase networking across firms.
Members of the community will be invited to bilateral meetings with BoE two to four times per year to share updates.
The accelerator team will also hold quarterly networking and knowledge sharing events.
