News

We were delighted to co-host the Bank of England's first Innovation in Money and Payments conference on 3rd and 4th September. The event was opened on Day 1 by David Skeie at The Shard. David set the scene, noting that whilst money and payments have previously just been regarded as the 'plumbing' of the financial system, they are now at the cutting edge in terms of opportunities for innovation and growth.

A speech followed by Deputy Governor Sarah Breeden. Her speech considered the development of a multi-money system, and he challenges of designing regulatory regimes in a fast-changing world. She outlined how the Bank is working to enable innovation in money and payments whilst also maintaining trust, resilience and interoperability.

A panel discussion then explored the issues related to the evolving role of central banks in the retail payments ecosystem, how to support innovation whilst also ensuring this benefits the wider economy. Academic presentations followed looking at innovations in payments and the shortcomings of the UK payments system for ordinary households and businesses. A second panel then explored innovation as a catalyst for growth. Competition in payments was the focus of the next academic paper session, with a final panel discussion on the role of interoperability in retail payments.

Day 2 saw the conference venue move from the Shard to Threadneedle Street. After a welcome from the Bank, an opening presentation focused on fostering innovation in wholesale payments, setting out how the landscape has changed over the past 25 years. An academic presentation session followed focusing on digital currency infrastructure and design. A lively panel discussion followed on global trends in retail payments - lessons from around the world.

Delegates next heard an update on developments with the Digital Pound, setting out the principles and motivations behind the project, sharing key elements of the product strategy and timelines. This was followed by and update on the Agora project - an initiative focused on improving cross-border payments involving seven central banks. Academic presentations then focused on perspectives on digital money. A panel then discussed seamless transactions looking at how innovative solutions are enhancing customer experiences and at the same time brining new risks such as fraud and social exclusion. Tom Mutton of the Bank of England closed the day with the welcome news that the Bank has an ambition to make the conference an annual event in the future.