LONDON, Sept 16 The Bank of England said on
Friday it aimed to revamp Britain's interbank payment system by
2020, and that future users would pay for this through a
temporary increase in charges.
The BoE's real-time gross settlement system (RTGS) suffered
a major outage in October 2014, and in June BoE Governor Mark
Carney said he wanted to make it easier for smaller financial
firms to access the system directly rather than going through
large incumbent banks.
"The world of payments is changing rapidly, and central
banks need to keep pace if we are to deliver our mission of
monetary and financial stability effectively in the years to
come, whilst also enabling innovation and competition where we
can," BoE executive director Andrew Hauser said.
(Reporting by David Milliken; editing by Costas Pitas)