Bank of England (BoE) has effectively conducted a Proof of Concept (PoC) exercise in collaboration with Ripple that tested the applications of Ripple’s Interledger Protocol (ILP) for synchronizing Real-Time Gross Settlement (RTGS) payments in cross-currency forms.
The program aims to bolster the efficiency and security of cross-border payment flows between distinct financial systems. In the PoC, the BoE experimented with using Ripple’s ILP to facilitate coordinated cash mov