Bank of England

Swift Business Forum London 2016: Blockchain – a reconciliation revolution

Blockchain is a revolution in reconciliation but not in payments, is one of the messages coming out of the Swift Business Forum London 2016. For the sixth edition of the show, more than 1,300 delegates were rammed and jammed into Tobacco Dock, London. This morning’s (20 April) sessions were dominated by warm-up speeches that praised […]

Industry bodies look to harmonise ISO 20022 real-time payment implementation

Global interoperability of real-time payments systems will require harmonisation of market practices and standards. A group of international clearing houses, banks, vendors, payments associations and other parties have proposed setting up an activity to look at how to deliver this under the aegis of the International Standards Organisation – and set an ambitious target of collating an initial variant of ISO 20022 usage guidelines for real-time payments before the summer.

Bank of England tackles “critical” cybercrime attacks

A major new effort spearheaded by the Bank of England and the UK Treasury has been launched to shore up the cyber defences of the UK financial services industry, amid rising concerns that testing has exposed serious unaddressed weaknesses.

The man from CHAPS

The UK’s Clearing House Automated Payments System turned 30 earlier this year. It wasn’t an anniversary marked with street parties by a grateful nation, but in its quiet way it was a significant moment, for – in common with the whole payments infrastructure – the system is going through a period of change. Phil Kenworthy, […]

New CHAPS mechanism reduces intraday liquidity demands on members

A new Liquidity Savings Mechanism for CHAPS clearing members is showing significant improvement in liquidity efficiency after its first two months of operation. Members of the CHAPS Clearing Company, the organisation responsible for the operation of the UK’s same-day high-value payment system, began using the new LSM in April. Developed by the Bank of England, […]

FSA’s swansong opens a fast track for new entrant banks

In future, the possibility of a bank failure will be accepted as a normal market process, and barriers to entry for new start-ups, including a removal of capital requirement obstacles, will be removed, the Financial Services Authority and the Bank of England have confirmed.