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  5. PaymentsSource: U.K.'s real-time payments experience is a warning to others

PaymentsSource: U.K.'s real-time payments experience is a warning to others

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5 April 2019

U.K.'s real-time payments experience is a warning to others

PaymentsSource, Robin Arnfield, 5 April 2019

“The reason for the RTGS upgrade is because the BofE recognizes that its existing systems have flaws and that they don’t support its mandates,” said Gareth Lodge, senior analyst with Celent. “The first is reducing market risk from participants that settle high volumes. The BofE has actively encouraged smaller banks to connect directly to the RTGS, rather than via larger banks, to ensure more transparent risk management. So RTGS membership has more than doubled. Secondly, the BofE has a goal of creating a more efficient, competitive system so smaller players can connect directly and don’t have to use the banks they compete with.”

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News article details

Industry
Corporate Banking, Retail Banking
Media Type
News Articles
Geographic Focus
Asia-Pacific, EMEA, LATAM, North America