Bank of England Deputy Governor Jon Cunliffe reportedly said it was not his job to protect banks from the impact of future digital currencies, which could dramatically reduce households’ willingness to hold money in traditional bank accounts. “Our job is not to protect bank business models,” Cunliffe said at an online seminar. “Banks will have to adjust. Our job is to ensure that if bank business models change, we manage the financial and macro-economic consequences of that.”
Early Warning Services, LLC. (EWS), the owner and operator of the Zelle Network, and The Clearing House (TCH), the operator of the RTP network, today announced that financial institutions (FIs) can now settle Zelle payments over the RTP network, the real-time payment system in the United States. PNC Bank and U.S. Bank have successfully completed a pilot of the integration, transmitting money using Zelle over the RTP network. Additional FIs will integrate the two networks and start testing later this year.