Bank of England Opens Vaults to Tech Companies

For the first time the Bank of England intends to offer tech companies the chance to have accounts at the central bank; this will give companies the same access that banks have and is a move that is a potential threat to banks; Bank of England Governor Mark Carney says the move will help to improve competition and stimulate innovation in payments; up until now only commercial banks were able to store money at the Bank of England; “Users should benefit from the reduced costs and increased certainty that comes with banking at the central bank,” the governor said to the FT. “From the perspectives of UK households and businesses, wider access can improve inclusion and services.” Source.

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.