Bank Of England To Streamline Non-Bank Onboarding

An official from the Bank of England has promised to streamline the onboarding process for non-bank payment firms directly joining the UK’s interbank fund transfer infrastructure.

Speaking at a London event, Victoria Cleland, executive director of payments, banking and financial resilience, said the central bank wants to make gaining access to its real-time gross settlement system (RTGS) “smoother and more efficient”.

“For instance, we intend to introduce automated testing, which will reduce the burden and manual effort required by both new and existing participants when someone joins RTGS,” she said.

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