Bank of England launches fintech Community
The Bank of England FinTech Accelerator has launched a new Community, bringing together fintech-related organisations to engage with the Bank, share insights on trends and support development of the sector.
The Bank of England launched the Accelerator in June 2016 to develop new approaches, build its understanding of fintech technologies and in turn support development of the sector.
Members of the Community will be invited to bilateral meetings with the Bank 2-4 times per year to share updates on trends and developments in the sector. The Accelerator team we will also hold quarterly networking and knowledge sharing events to discuss developments, trends and insights on specific topics of interest
The Bank has also announced its third round of Proofs of Concept and the new firms it will be working with.
MindBridge’s AI Auditor detects anomalies in financial transactions and reports using data science, machine learning and artificial intelligence technologies. Using a small set of anonymised regulatory data the Bank is using MindBridge’s AI Auditor to explore the benefit of machine learning technology in analysing the quality of regulatory data input.
Ripple’s solution is built around the open and neutral Interledger Protocol and serves to power interoperable payments across different ledgers and networks. The Bank is conducting a PoC with Ripple to demonstrate the synchronised movement of two different currencies across two different RTGS systems in particular to show how this kind of synchronisation might lower settlement risk and improve the speed and efficiency of cross-border payments.