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Blockchain: A new RTGS service for the United Kingdom: safeguarding stability, enabling innovation


A Consultation Paper.






This consultation document seeks respondents’ views on the Bank of England’s vision for the next generation of its Real-Time Gross Settlement (RTGS) service.

RTGS is not a household name. But as the platform for providing sterling central bank reserves — the electronic counterpart to banknotes, and the ultimate risk-free means of final payment — RTGS lies at the very heart of delivering the Bank’s mission for monetary and financial stability. The stock of reserves in the system is currently more than £300 billion — five times that of banknotes. Those reserves are used to provide safe final settlement in central bank money for over half a trillion pounds of transactions a day between banks participating in the seven most systemically important sterling payment systems — equivalent to almost a third of the United Kingdom’s annual GDP. Those transactions span, or back, almost every payment in the UK economy — from salaries to company invoices, from car purchases to coffee sales, from pensions to investment flows.

Read more, download the paper below (PDF 58 pages)

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Wednesday, September 28th 2016
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