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Mark Carney: Enabling the FinTech transformation - revolution, restoration, or reformation?

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That is why I am announcing this evening that the Bank intends to extend direct access to RTGS beyond the current set of [48] firms, allowing a range of non-bank PSPs to compete on a level playing field with banks.

From Mark Carney: Enabling the FinTech transformation - revolution, restoration, or reformation?

By extending RTGS access, our objective is to increase competition and innovation in the market for payment services. To ensure that PSPs are not disadvantaged relative to banks offering equivalent payment services, the Bank intends to give appropriate remuneration for balances that PSPs will be required to hold overnight to support their payments activities.

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