PRESS COVERAGE: COMPLIANCE CORYLATED

Our Chief Risk and Compliance Officer, James Sullivan, weighs in with his views in a recent interview with Elizabeth Lumley for Compliance Corylated.

“The UK’s Payments Vision Delivery Committee (PVDC) has unveiled its Strategy for Future Retail Payments Infrastructure—and it’s the clearest signal yet that digital assets are entering the mainstream of UK finance, recognising the need to design monetary architecture for a tokenised economy.

 Digital money is now part of the new core infrastructure. The future must operate seamlessly within a multi-money ecosystem, encompassing fiat, stablecoins, and tokenised deposits.

 VDC recognises regulated digital money as a foundational component of the system, naming stablecoins and tokenised deposits as priority instruments.

 Future rails will be built to facilitate frictionless global transactions, using stablecoins and DLT-based settlement to reduce costs and delays.

 An open architecture is envisaged, designed to be API-enabled, enabling FinTechs, PSPs, and DeFi-native firms to plug into the UK’s financial core.

 This positions the UK as a first-mover economy integrating tokenised money directly into national infrastructure and places BCB at the forefront of the future for digital finance and the financial system.”

— James Sullivan, Chief Risk and Compliance Officer

UK retail payments plan includes digital assets and interoperable access to infrastructure