This term refers to advanced payment systems and technologies that aim to significantly improve upon conventional methods in terms of speed, cost, security, and accessibility. These often leverage distributed ledger technology, real-time gross settlement, or central bank digital currencies. They seek to enable more efficient and inclusive financial transactions.
Context
The development of next-generation payments is a critical area of innovation, with central banks and private entities exploring various blockchain-based solutions. Discussions center on the potential for instant cross-border transfers, reduced transaction fees, and greater financial inclusion, particularly through stablecoins and central bank digital currencies.
The BoE is architecting RTGS interoperability with DLT platforms to enable atomic settlement and unlock significant capital efficiencies across the financial ecosystem.
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