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Bank Of England: New Laws Could Let Payments Firms Bypass Banks

A senior director at the Bank of England has said groundbreaking new laws could be drafted to allow payments businesses direct access to the UK’s settlement infrastructure, bypassing banks entirely.

Andrew Hauser, the central bank’s executive director for banking, payments and financial resilience, said the rules determining which firms can hold settlement accounts are being reviewed.

“In terms of access to our infrastructure, and we need to make sure we’re not unnecessarily standing in the way of people that want to transact payments in new ways,” he said at last week’s SWIFT Business Forum event in London.

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