Ripple Selected to Participate in the Bank of England FinTech Accelerator’s Exploration of the Use of Blockchain for Global RTGS
The Bank of England’s FinTech Accelerator announced today that it is conducting a PoC with Ripple to demonstrate cross-border payments and settlement using two different Real Time Gross Settlement (RTGS) systems. This collaboration marks the first instance of a central bank exploring how it can use blockchain technology to enable improved 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. The goal of this PoC is to showcase the synchronized movement of two different currencies across two different RTGS systems and how this kind of synchronization might lower settlement risk and improve the speed and efficiency of cross-border payments.
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