The UK's central bank, which is in charge of monetary policy in Britain, has decided to select the blockchain financial solutions company, Ripple, to participate in a fintech accelerator that aims to encourage the use of the blockchain to perform gross settlements in real time (RTGS), applicable globally.
Ripple today announced on its website jointly with the Bank of England, the firm's participation in a fintech-driven financial accelerator that seeks to share the advances, trends and information concerning technological inventions applied to the field of finance. In the case of Ripple, in order that such collaboration may lead to a project demonstrating cross-border payments, that is, from one country or continent to another, through the use of different gross settlement systems in real time.
The Central Bank declared that one of the objectives of the government entity with this accelerator is to ensure that the bank is related to and compromises with various financial technology firms, thereby seeking to support and catapult projects related to the financial sector. Added that members participating in this community will meet with the authorities four times a year, and such events and topics discussed at those meetings will be announced by the bank.
Ripple believes that this collaboration marks a first instance in the English bank, which will explore how blockchain technology can be used to improve payments and financial transactions beyond its borders, evidence that would have already made the technology firm with the Central bank of Abu-Dabi.
Ripple explains that its blockchain solution can build an open and neutral accounting protocol that can improve and strengthen the reach of payments from different electronic systems and networks, making payments between different places widely separated in much less time without having to share large amounts of personal and bank information of users. Ripple announced that it also participated in a public consultation on "Reporting of RTGS Strategies" for the Central Bank, in an initiative designed to inform future generations about the gross settlement systems that are used by the entity.