The Bank of England (BoE) announced on April 19 a new omnibus account to enable its real-time gross settlement (RTGS) system – which holds accounts for banks, building societies and other financial institutions – to connect to a wider range of payment systems, including those using distributed ledger technology (DLT).
Under the new model, an operator of a payment system can hold money in the omnibus account to fund its participants’ balances with central bank money.
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