Bank of England Creates FinTech Community

Announcements, FinTech | March 21, 2017 By:

The Bank of England‘s FinTech accelerator program has launched a new community which will unite FinTech organizations to collaborate and discuss innovation and developments in this emerging sector.

The bank said community members will be invited to bilateral meetings two to four times per year. The accelerator team will also hold quarterly networking and knowledge-sharing events to discuss developments, trends and insights on specific topics of interest.

The Bank of England launched its accelerator in June, 2016, stating that it would allow innovative financial firms to experiment and disrupt existing financial services under the supportive eye of the Bank.

The community currently has 18 members, including Anomali; BBA; BBA Innovation Working Group; Bitsight; BMLL; BT; Department for Business, Energy and Industrial Strategy; Enforcd; FCA; Illuminate Financial Management LLP; Innovate Finance; London and Partners; NEX / Euclid Opportunities; Omidyar Network; Privitar; PWC; Simmons and Simmons LLP; Thomson Reuters.

The bank also announced its partnership with Ripple for a cross-border payments proof of concept (PoC).

“We are carrying out a proof of concept with Ripple to demonstrate the synchronised movement of two different currencies across two different real-time gross settlement systems,” said a BOE statement. “The aim is to show how this kind of synchronisation might lower settlement risk and improve the speed and efficiency of cross-border payments.”

Along with the Ripple deal, the bank is also working with artificial intelligence (AI) startup MindBridge on a PoC.

“MindBridge’s AI (artificial intelligence) auditor detects anomalies in financial transactions and reports using data science, machine learning, and artificial intelligence. We are using it to explore the benefits of machine learning for analyzing the quality of regulatory data input,” the bank statement said.