Bank of England supports FinTech startups

The Bank of England has allowed access to settlement accounts in the real-time gross settlement system (RTGS), the media reported this week. Apparently, this move should blow some wind into the sails of innovative fintech companies, boosting competition. The bank has said that it is now offering access to non-bank payment service providers (PSP), meaning direct access to the UK’s sterling payment system is now possible. This move, however, is not Bank of England’s alone -- the UK’s Financial Conduct Authority (FCA), has been helping the bank develop this framework for non-bank PSPs to access RTGS, together with HM Revenue and Customs and HM Treasury.… [Continue Reading]