The Bank of England has announced plans to let non-bank payment firms hold reserves at the central bank, as well as enabling access to the country’s new real-time fund transfer infrastructure via application programming interfaces (APIs).
Mark Carney, governor of the Bank of England, made the announcement in his annual Mansion House speech last night.
Under the proposed change, which is to be consulted on, payment firms would be able to hold interest-bearing deposits at the central bank — a privilege currently only granted to traditional commercial banks.
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