The Bank of London launches as the UK’s 6th principal clearing bank
By Joy Dumasia
The Bank of London launches as the 6th principal clearing bank of the United Kingdom, with a mission to lift communities and power the borderless economic infrastructure of the future. Led by an executive team of industry pioneers and a board of renowned global leaders, the bank enters the market with a $1.1 billion valuation, making it the first pre-revenue bank in history to attain ‘unicorn’ status upon its debut.
The Bank of London enters the marketplace with three distinct market offerings:
- Global Clearing & Settlement: The Bank of London addresses the principal risk factors across payments, clearing, liquidity and settlement (Herstatt) in-country, in-region, and cross-border, allowing, for the first time, the continuous transfer, with near-instant irrevocable settlement finality, and the immediate availability of funds disbursement: 24/7, 365 days a year. The Bank of London is working with the market to strengthen the current payment networks and bank rails via its next-generation payment-versus-payment (PvP), payment-versus delivery (PvD) and atomic settlement4 innovation, evolving the legacy models to mitigate settlement risk and unlock liquidity by leveraging its patented innovations.
- Global Transaction Banking: The Bank of London is finally democratising the sleepy backwater of domestic and international transaction banking through next-generation technologies and new business innovations providing sophisticated real-time products and services, including leading-edge global cash management, foreign exchange, treasury, liquidity, and other related services that are, for the first time free from intermediary risk, unnecessary costs, and complexity. In addition, The Bank of London will address the inherent structural failures of the business banking sector by deploying powerfully simple yet premium corporate banking products and services to support businesses of all types, from SMEs to multi-national organisations and from start-up FinTechs household names across the UK.
- Global Agency Banking: The Bank of London is rewriting the rulebook of the legacy ‘platform-as-a-service and Agency bank models of old and helping non-bank and other FinTech brands take a slice of the $7 trillion “Banking-as-a-Service” industry. The Bank of London’s clients will leverage its patented next-generation technologies and differentiated bank licence to offer packages of embedded financial services, from payments to cards to multi-currency current, deposit, safeguarding or savings bank accounts to increase client competitiveness by enhancing the customer experience with added value services, whilst generating additional revenue.
Anthony Watson, Founder & Group Chief Executive of The Bank of London, said: “We’ve spent over four years working quietly in the background, bringing together veteran banking experts, leading creative innovators and visionary technologists to build, patent and validate truly game-changing technologies and innovations to transform the very fundamentals of banking. We leverage our leading-edge proprietary technology innovations and differentiated bank capabilities to remove unnecessary risk, unlock liquidity and deliver revolutionary products and services at significantly lower costs to enable near-instant settlement without a financial intermediary in the flow of funds.”
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