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Bank of England's tech overhaul: 'Open Sesame' or more friction?

Proposed changes for account onboarding front-load compliance burden, even as technology gets slicker...

In brief: Central bank's settlements architecture is nearly rebuilt. This will open the door for easy onboarding to the RTGS system. A consultation proposes longer opening hours and "streamlined" access. But also suggests a frontloaded compliance burden, with a chunky "s166 assessment" prior to access.

The Bank of England (BoE) has done it, or very nearly: It’s overhauled the ageing payments system – handling £750 billion daily – that sits at the heart of the UK’s banking system, and is now, says payments boss Victoria Cleland, “in the final stages of upgrading the IT infrastructure…”

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