Central Banking

Bank of England mulls synchronised settlement for new RTGS

Bank of England night Getty 174788162

The Bank of England is considering introducing synchronised settlement as part of its overhaul of the UK’s real-time gross settlement (RTGS) system.

“Payments that involve multiple ledgers and payments supporting asset transfers are often costly, complex and slow,” the BoE said in a document earlier this month. “The longer a transaction takes to complete, the more settlement and price risk can arise.”

It said “synchronisation functionality” could significantly reduce these risks, and improve

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