Donderdag 3 maart 2022
Technologie & Innovatie
Paul Sisnett
De Tweede Financiele Revolutie: na Crypto komt Britcoin!
Paul is CEO at paywith.glass, a Dutch-based FinTech company, together with The Payments Association in the UK and Boston Consulting Group, leads the consortium, outlining a Digital Future for the British Pound.
Some have argued the traditional payments system is on its last legs as a result of increased digitization and blockchain technology. Debating this new era of finance, The Payments Association (formerly The Emerging Payments Association (EPA)) has formed an Innovation Hothouse Bridge ('the Hothouse' or 'the group') to bridge this gap in the financial industry. This will initially be done by the publication of a green paper exploring multiple use cases across the digital currency landscape that could arise from the creation of a new digital currencies' infrastructure for financial markets.
The consortium, outlining a Digital Future for the British Pound, is led by top-level fintech experts from The Payments Association, Boston Consulting Group, a management consultant company, and paywith.glass, a Dutch-based FinTech company working extensively with artificial intelligence and distributed ledger technology.
Currently, financial processes ranging from retail payments to international trade and capital markets infrastructure have inefficiencies that can be solved through digital technologies, such as artificial intelligence, distributed ledger and smart contracts. Although the proposed Central Bank Digital Currencies(CBDCs) could solve these problems and many more, their full implementations may be a decade or more away for most countries, so the question becomes how to make the most of the UK's financial infrastructure during the interim period between now and the implementation of fully digital currencies. The new Bank of England Omnibus Account is seen as something that could potentially form the basis of a modernised financial markets infrastructure as it is the first BoE account to provide 24/7 access.
The aim of the use cases would be to reduce the 'friction' in the financial world, giving financial institutions, merchants and ultimately consumers much greater flexibility and control over their money. Following on from the publication of the green paper, a plot will commence which is led by paywith.glass who will use its interoperable iDC/EP platform to enable a bridge between the old payment rails and the new CBDC world.
The consortium has published its recommendations and use cases in a green paper, on the 9th of February 2022 and Paul Sisnett, CEO at paywith.glass, will elaborate on this during the Cityborrel of March 3.
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