The Bank of England’s FinTech Accelerator, which launched in 2016, has created a new community, bringing together FinTech-related organisations to engage with it, share insights on trends and support development of the sector. Members will be invited to bilateral meetings two to four times per year. The Accelerator team will also hold quarterly networking and knowledge sharing events to discuss developments, trends and insights on specific topics of interest.
The central bank has also announced its third round of Proofs of Concept and the new firms it will be working with: machine learning outfit, MindBridge AI and blockchain venture Ripple. The former will help to explore the benefits of machine learning for analysing the quality of regulatory data input, whilst the Ripple partnership will demonstrate the synchronised movement of two different currencies across two different real-time gross settlement systems, with the aim of showing how this might lower settlement risk and improve the speed and efficiency of cross-border payments.