BoE speech: A new dawn for payments

Speaking at City Week 2021, Victoria Cleland (Executive Director for Banking, Payments and Innovation at the BoE) talked about the evolution of payments systems in the UK, the BoE’s vision for the future and the role of Real Time Gross Settlement (RTGS) system.

The speech covered the improvements being made to RTGS, including the implementation of APIs, extension of operating hours, and the implementation of the emerging global standard for financial messaging in payments, ISO 20022. The BoE will be consulting later this year to help prioritise enhancements.   

At the heart of the message was the importance of innovation and collaboration – the payments industry must work together to build a payments infrastructure fit for the future.