Central Banking

BoE opens RTGS to non-bank payment service providers

bank-of-england-2016
The Bank of England

The Bank of England (BoE) has given non-bank payment service providers (PSPs) direct access to its real-time gross settlement (RTGS) system for the first time.

The plans have been in the pipeline since mid-2016 as part of the BoE’s wider RTGS overhaul. Today (July 19) the BoE confirmed the details of direct access, which will allow PSPs to connect directly to the system, without having to go through a bank that might also be a competitor.

The BoE said the change will allow PSPs to compete on a

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