Tag Archives: Payment system

A progress update by the Bank of England describes the Bank’s intention, over time, to extend direct access to RTGS to non-bank Payment Service Providers (firms granted the status of E-Money Institutions or Payment Institutions in the UK), collectively known as PSPs. By extending RTGS access, our objective is to increase competition and innovation in the market for payment services.

In the FT, Philip Stafford reports about a digital currency initiative by the Bank of Canada and commercial banks. It will involve issuing, transferring and settling central bank assets on a distributed ledger via a token named CAD-Coin. But: The Bank of Canada said the experiment was a proof-of-concept and confined to interbank payment systems. … “None of our experiments are to develop central-bank issued e-money‎ for use by the general public.”