The Bank of England and Ripple have completed a proof-of-concept study looking at the coordinated movement of two distinct currencies in two distinct simulated real-time gross settlement (RTGS) systems.
The backbone of UK payments and a crucial component of the country’s infrastructure, RTGS settles hundreds of billions of pounds every working day.
In order to support the ‘synchronization’ of cash movements made in RTGS with the movement of cash and assets held in other systems, the BofE has been working on a replacement for several years.
Read More: BofE and Ripple explore synchronised settlement of payments using Interledger Protocol
