WIREDGOV

The Bank of England is seeking to work with tech firms to explore the demand for implementing synchronised settlement in the renewed Real-Time Gross Settlement...

Synchronisation involves what is called ‘atomic settlement’ – i.e. the transfer of two assets is linked so that the transfer of one asset occurs if and only if the transfer of the other asset also occurs. For certain transaction types - e.g. housing transactions, corporate transactions and cross-border payments -  this functionality could reduce cost and risk, improve efficiency, and support innovative new methods of settlement.  

The Bank is now seeking to consult with interested companies to further explore demand. To find out more, and to register your interest, please visit the Bank’s website or contact RTGSEngagement@bankofengland.co.uk.

In particular, the Bank wants to understand:

• How a Synchronisation Operator could connect to the renewed RTGS service; 
• What functionality and capabilities the renewed RTGS service might need in order for third parties to offer innovative synchronisation services; 
• What functionality a Synchronisation Operator might need in its own systems in order to deliver synchronisation services; and 
• The Bank’s policy with regards to how it expects this functionality to be used (and by which infrastructures). 

Companies can get involved at 2 levels:

• By completing a questionnaire and receiving update emails. Please complete the questionnaire on Key Survey by 28 September 2018.
• By attending face-to-face session at the Bank These will be held later this year; dates to be confirmed.

Further information and the questionnaire are on the Bank’s website. 

Or feel free to contact the Bank at RTGSEngagement@bankofengland.co.uk.