Central Banking

BoE’s Cleland calls for innovation in wholesale payments

Wholesale payments suffer from inefficiencies despite being critical to financial stability, official says

Victoria Cleland giving a speech
Victoria Cleland
Bank of England

Wholesale payments are critical to the functioning of financial markets but still suffer from inefficiencies, the Bank of England’s Victoria Cleland said on March 31.

The BoE executive director said wholesale payments are often overlooked in discussions of payments innovation, which tend to focus on “whizzy front ends” and retail payments. “But I believe that wholesale and high-value payments are at least as important to the global economy.”

Speaking at Central Banking’s Spring Meetings

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