Bank

DeFi

Planet

Trillion

<div class="intro-text">
 A blockchain-based payment and settlement ledger has the potential to revolutionize the finance sector in the UK, as per the leading financial trade body in the nation, UK Finance.
</div>
In a September 17<a href="https://www.ukfinance.org.uk/news-and-insight/press-release/uk-finance-announces-successful-outcome-regulated-liability-network" rel="noopener noreferrer nofollow"> press release,</a> the association announced that it had successfully trialled the Regulated Liability Network (RLN), a blockchain-powered system designed to handle central bank digital currencies (CBDCs) and tokenized assets.&nbsp;
The RLN is primarily designed for commercial banks and could play a key role in processing the $14.52 trillion in payments that flow through the UK annually, according to the trade body. It emphasized the RLN’s potential to drive innovation and highlighted features like programmable payments as it detailed findings from an experimental phase involving 11 major banks.
One significant finding from the experimental phase, according to UK Finance, is that the RLN could offer new firms a “common point of access,” thus enabling them to interface with established financial institutions and enhanced payment systems.&nbsp;
According to Jana Mackintosh, UK Finance’s managing director of payments, the RLN can manage wholesale central bank digital currencies (CBDCs), commercial bank money, and electronic funds, allowing users to record, transfer, settle, and even program payments.
The association also called for increased collaboration with regulators and public bodies to develop further the network, which it believes could help reduce fraud and minimize the costs of failed transactions. It noted that while the UK’s legal and regulatory framework is flexible enough to support this “platform for innovation,” additional steps are needed for full implementation and regulatory alignment.
<blockquote>
 “The private sector is eager to invest in the future of commercial bank money, and partnering with regulators is the key to making this a success,” 
</blockquote>
Mackintosh stated.
UK Finance also believes the platform<a style="color: #0000ff;" href="https://www.bankofengland.co.uk/paper/2024/dp/the-boes-approach-to-innovation-in-money-and-payments" rel="noopener noreferrer nofollow"> aligns with the Bank of England’s goals</a>, as outlined in its July discussion paper, to maintain the “singleness of money” and promote continuous innovation within the UK payments sector.
&nbsp;
If you want to read more news articles like this, visit <a style="color: #0000ff;" href="https://defi-planet.com/" rel="noopener noreferrer nofollow">DeFi Planet</a> and follow us on <a href="https://twitter.com/PlanetDefi" rel="noopener noreferrer nofollow">Twitter</a>, <a href="https://www.linkedin.com/company/defi-planet/" rel="noopener noreferrer nofollow">LinkedIn</a>, <a href="https://www.facebook.com/DeFi-Planet-129907662611402" rel="noopener noreferrer nofollow">Facebook</a>, <a href="https://www.instagram.com/defi.planet/" rel="noopener noreferrer nofollow">Instagram</a>, and <a style="color: #0000ff;" href="https://coinmarketcap.com/community/profile/DeFiPlanet/" rel="noopener noreferrer nofollow">CoinMarketCap Community</a>.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
The post <a href="https://defi-planet.com/2024/09/blockchain-could-transform-uks-14-5-trillion-financial-sector-uk-finance/" rel="noopener noreferrer nofollow">Blockchain Could Transform UK’s $14.5 Trillion Financial Sector — UK Finance</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

Blockchain Could Transform UK’s $14.5 Trillion Financial Sector — UK Finance

DeFi Planet

Other articles published on Sep 17, 2024

Pepe Cuts Rates Solana Memecoin Will Surge 17,000% Ahead of Exchange Listing, While SHIB and DOGE...

Privacy is missing ingredient for business blockchain adoption: EY exec

Sonic Blockchain Targets $11T Unsecured Lending Market With Credit Scores for Digital Wallets

3 West African nations to launch biometric passport

Daddy Elon Memecoin to Explode Over 19,000% Before Exchange Listing, While SHIB and DOGE Lag

TON Daily Transactions Soar 1,200% Despite Telegram Woes

Join our free newsletter for daily crypto updates!