On 30 April 2019, the Bank of England (BoE) published a speech by Dave Ramsden (Deputy Governor Markets & Banking, BoE) at the Innovate Finance Global Summit 2019. The speech is entitled Embracing Fintech.
Key points in the speech include:
- the BoE is renewing its Real Time Gross Settlement service (RTGS), the UK’s core payments infrastructure;
- alongside Pay.UK, moving UK payment systems onto the ISO 20022 messaging standard;
- the BoE is opening up direct RTGS access to a broader range of firms. Five non-bank payment service providers now hold accounts in RTGS and around twenty further firms are exploring the possibility of joining; and
- finance is amongst the first sectors to deploy artificial intelligence (AI) at scale. It has been estimated by one of the Big Four accountancy firms that financial services executives expect cognitive-related technologies to become mainstream in the next 2 to 5 years and the Global Association of Risk Professionals expect up to 80% of financial services firms to use it.