New community for Bank of England’s FinTech Accelerator

  • The Bank of England has made steps towards improving relations between itself and the Fintech sector with the launch of its new community. The community intends to bring the Bank and Fintech-related organisations together, with the aim of sharing insights and supporting the sector’s development.

    The Bank of England’s Accelerator launched in June 2016 and has so far been used to deploy innovative technologies on a variety of issues that are of great importance to the Bank’s mission and operations. Since Mid-2016, the accelerator has looked at whole host of issues, ranging from Distributed Ledger Technology to threat intelligence and data sharing capabilities. The bank has said that in working with Fintech firms it is “seeking to develop new approaches”, and build its “understanding of these technologies and in turn support development of the sector.”

    To enhance the Bank’s ability to achieve these aims, the community has been set up to:

    • Share developments, trends and insights to facilitate learning and understanding across the sector and within the Bank
    • Ensure the Bank is engaging with a range of FinTech firms from across the sector; and
    • Increase networking across firms with an interest in FinTech to support the development of the sector.

    Community members will be invited to bilateral meetings with the Bank up to 4 times a year to share updates on trends and developments. On top of this, there will be quarterly networking and knowledge sharing events hosted by the Accelerator team. Results from these meetings will available online so it will be interesting to see how the new relationships develop.

    The Bank has also announced the firms that it will be working with for its latest proofs of concept:

    MindBridge AI– an artificial intelligence auditor that uses data science and machine learning to detect anomalies in financial transactions and reports. The Bank wants to explore the benefits of machine learning for analysing the quality of regulatory data input.

    Ripple – a FinTech that allows banks to send real-time international payments across networks. The Bank wants to explore how the synchronised movement of two different currencies across two different settlement systems might lower settlement risk and improve the speed of cross-border payments.

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