On 23 July 2018, the Bank of England published an updated briefing, following the completion of its Proof of Concept, to understand how a renewed Real-Time Gross Settlement (RTGS) service could be capable of supporting settlement in systems operating on innovative payment technologies, such as those built on Distributed Ledger Technology.
Based on the feedback from the Proof of Concept, the Bank of England’s RTGS service will:
- consider how different account structures, including a single-account structure, could be used in the renewed RTGS service;
- investigate whether the renewed RTGS service can provide and consume acceptable forms of cryptographic proofs. The Bank will investigate how cryptographic proofs could fit into the design of RTGS architecture; and
- engage with Fintech firms throughout the life of the programme to maintain an understanding of how technology developments and approaches to payment systems will change the demands on RTGS.