UK proposes near-24/7 settlement to prepare markets for tokenization
The FCA and Bank of England are seeking feedback on new tokenization guidance and plans to extend operating hours for the UK’s core payment and settlement infrastructure toward near-24/7 availability.
The Bank of England on Monday proposed extending operating hours for its core settlement infrastructure toward near-24/7 availability, part of a broader push with the Financial Conduct Authority to prepare UK wholesale markets for tokenized finance.
The proposal seeks to add weekend and extended daily operating hours to the central bank’s settlement mechanism, Real-Time Gross Settlement (RTGS), and the Clearing House Automated Payment System (CHAPS).
The Bank of England said the expanded operating hours would support cross-border payments and new payment and settlement models as tokenization develops.