August 2024: Top five payments stories of the month
FinTech Futures takes a look back at five of the top payments stories in August.
Bank of England
Bank of England launches discussion paper on “ambitious agenda” for UK’s payments landscape
The public have until 31 October 2024 to submit feedback on the paper.
June 2024: Top five fintech partnership stories of the month
FinTech Futures takes a look back at five of the top fintech partnership stories of the month.
BIS and Bank of England team up to evaluate synchronised settlement in FX transactions
The initiative is scheduled to commence towards the end of 2024.
UK’s FCA and Bank of England launch consultation for Digital Securities Sandbox
Responses to the consultation are being accepted until 29 May, ahead of applications for the DSS opening this summer.
UK’s PRA fines HSBC £57m for “historic depositor protection failings”
The PRA says the fine is the second-largest issued by the regulator to date.
UK to continue work on digital pound, but “no final decision has been made” on a potential launch
HM Treasury and the BoE have responded to a public consultation initially launched last February.
UK regulators issue joint proposals to tackle risk of financial instability posed by CTP dependency
The regulators are accepting feedback and expect to publish final requirements by H2 2024.
US Bank subsidiary Elavon lands UK banking authorisation
With the licence, Elavon intends to offer authorisation, settlement, card machines, and banking services in the UK.
Bank of England forms CBDC Academic Advisory Group for proposed digital pound
The formation of the AGG will ensure that the digital pound can be “accelerated” if given the green light.
UBS to pay $388m in fines relating to Credit Suisse’s doomed dealings with Archegos
The US Federal Reserve has fined Credit Suisse $269 million, with the UK’s PRA issuing a further $119 million fine.
Thieves make away with $20m from Revolut following payment flaw
Flaws in its US and European payment systems meant that some declined transactions were wrongly refunded.
FinTech Futures: Top five stories of the week – 7 July 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Britcoin privacy preserved as Bank of England taps Nuggets for identity layer
The layer will maintain user privacy and offer protection from fraudulent activity and money laundering.
Bank of England reportedly planning to reject Revolut banking licence
The PRA reportedly intended to issue a warning notice to Revolut over its balance sheet.
IFGS 2023: More “radical change” for payments on the horizon, BoE deputy governor says
Payments used to be a “dusty corner” in financial services but are now evolving at speed, Sir Jon Cunliffe says.
HSBC snaps up beleaguered Silicon Valley Bank UK for £1
The Bank of England facilitated the deal over the weekend, in consultation with the Treasury.
FinTech Futures: Top five stories of the week – 10 February 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Bank of England and HM Treasury outline case for digital pound
The Bank and HM Treasury plan to “accelerate” work on the technology and policy architecture for a digital pound.
FinTech Futures: Top five stories of the week – 15 April 2022
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Bank of England’s fintech chief Varun Paul leaves for digital asset platform Fireblocks
Paul has been at the central bank for 16 years and spent just over a year as head of the fintech hub.
House of Lords committee says UK digital pound is “solution in search of a problem”
The Economic Affairs Committee cited financial, privacy and data concerns over UK CBDC.
2021: Top five movers and shakers
FinTech Futures takes a look back at some of the year’s seminal hires and appointments.
Bank of England to launch UK CBDC consultation in 2022
Following consultation and development phase, CBDC could launch in second half of this decade.
Sibos 2021: Banks must work together to make the most of CBDCs, says panel
Panel says interoperability of CBDCs is necessary to avoid inefficiencies and poor outcomes.
UK takes first steps towards CBDC with launch of new taskforce
The taskforce will now set out to identify the UK’s use cases for a CBDC.
Bank of England governor key architect in RBS scandal which left businesses in ruin
Bailey did not disclose his hand in creating the Asset Protection Agency.
Bank of England governor brands EU relocation wishes a “very serious escalation”
The EU granted the UK temporary equivalence last September for derivatives clearing.
Starling hires BoE policy head Cordelia Kafetz to lead risk ops
Kafetz wants to “drive innovation in a more tangible way”.
UK CBDC researcher: We should be further along than we are
A UK CBDC won’t happen anytime soon if the Bank of England takes an iterative approach.
Bank of England’s Islamic liquidity announcement “a huge vote of confidence”
UK’s Islamic finance sector welcomes ALF announcement from central bank.
Bank of England selects Appvia for two-year cloud development scheme
Appvia wins selection process started in January 2020.
UK central bank unveils Islamic finance liquidity alternative
The central bank will run tests in early 2021.
Bank of England picks Accenture as RTGS renewal partner
Accenture comes out on top of a public procurement process.
Bank of England apologises for role of former governors linked to slave trade
British taxpayers have been paying off slave owners from 1833 to 2015.
Bank of England dips into US repo to lend banks $15bn
It’s the largest sum the central bank has issued since the financial crisis.
Central banks free up US dollar liquidity amid coronavirus pandemic
The price on the US dollar liquidity swap arrangements will go down by 25 basis points.
UK’s new £20 note arrives as campaigners warn cash system could collapse
Access to Cash Review calls for new laws to protect cash as the digital revolution advances.
AutoRek wins Bank of England’s tender for reconciliation tech
AutoRek will provide a centralised platform across finance and operations for BoE’s reconciliation.
Bank of England seeks public cloud technology partner
Regulator looking into benefits of SaaS and PaaS.
