A report from the Whitechapel Think Tank indicates that Distributed Ledger Technology (DLT) has the potential to grease a number of operational wheels with UK payment systems, including reference data, identity management, settlement and internal bank processes. The report, which was commissioned by the Bank for International Settlements (BIS) in collaboration with the European Central Bank, examines how DLT could be used as part of an integrated payments system across Europe.
A report from the Whitechapel Think Tank indicates that Distributed Ledger Technology (DLT) has the potential to grease a number of operational wheels with UK payment systems, including reference data, identity management, settlement and internal bank processes. WTT says that the banking industry should investigate the use of DLT in the UK’s Extended Industry Sort Code Database, and a central sanctions database, noting that the flagging of financial crime intelligence sharing is currently a problem.