England Bank to find an alternative to the old payment system in the United Kingdom

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The Bank of England was handed over for the repair of the UK’s commercial infrastructure to replace the “fastest payment system” that was pioneering when it was launched in 2008 but is now seen as old.

Governor of Boy Bank Andrew Billy He said in his speech at the Mansoion House dinner on Tuesday evening that there is an “urgent need for innovation in the field of payments” and that designing and delivering a new infrastructure in the United Kingdom in this field “must be a priority.”

Pay.uk’s non -profit payment operator began to try to launch a new retail payment system in 2017 but failed, although a tender for consulting services in India was later banned.

This caused Bi The Central Bank announced on Tuesday that the responsibility for managing a purchase to find a new system operator under a renewed structure.

The Board of Payments for Infrastructure, which is imposed by implementing the high -level strategic plan on retail payments. The plan will be presented later this year by the Ministry of Treasury after discussions with the authority of the Bank of England and the financial behavior.

“We will work in cooperation with the authorities and industry to design and provide the next generation of retail infrastructure in the United Kingdom,” Billy said, adding that this is required “to replace the aging infrastructure and as part of the promotion of growth in the United Kingdom.”

An alternative to the fastest payment system, which has dealt with 4.2 trial £ from payments last year, will be designed to allow immediate transactions from account to account by consumers in stores and other material sales points-which will face the current system to deal with it.

This can help cancel the identification of retailers and male consumers for American large credit card companies, Visa and MasterCard, which deal with most retail selling payments and impose huge fees for this purpose.

MasterCard Vocalink, the current fastest payment system operator, has that it was 11.9 million pounds in the last week By the Bank of England due to the “ineffective risk management framework”, weakness in internal controls and governance.

“The main role of England is a step forward and will open a decade of slow progress in payments in the UK,” said John Hugjoz, CEO of LINK, which runs the UK’s monetary network network.

“This must achieve great benefits for consumers in the United Kingdom by creating payments, as well as helping to work on the sterling and maintaining the global competitiveness.”

The Bank of England will operate the purchasing process to find a new system operator. One of the sources said that this would likely be a company owned by large banks, as it was previously obtained by MasterCard.

Pay.uk said: “As an independent organization that allows an average of 37 billion pounds in payments in the United Kingdom daily, we call on the government to ensure that this new model gives the final users,” Pay.uk said.

In his speech, the ruler also called on the institutions, including the International Monetary Fund, to upgrade efforts to address the imbalances that are looming on the global economy, as he warned of “rift lines” in the multilateral system of relations between nations.

Billy argued that the increase in the customs tariff launched by US President Donald Trump was “changing generations” in the trade system, but there is still a role for a multilateral system.

Billy, who has become president of the Financial Stability Council, said that the International Monetary Fund should increase the work of continuous “imbalances” in the global economy, and to cooperate with the World Trade Organization and other bodies in this process.

This requires enhancing the assessments of excess imbalances and spreading their “contract power” to help governments coordinate policy.

Billy said: “The harsh statement of truth does not win popular competitions, and there is a risk of members’ refusal.” “We must allow and encourage international institutions to be firm and consistent in summoning unusual positions and practices.”

His suggestions accuse Scott Beesen, the US Treasury Secretary, the International Monetary Fund of “Mission Creep” and demanded that he focus on basic fields, such as global monetary cooperation and financial stability.

Billy said that China and the United States between them represented about 40 percent of the current account imbalances in the global economy, but he warned that “the main drivers” of these were local policies.

“There is … a common interest worldwide in addressing excess imbalances before the dangerous levels of commercial restrictions enter, and before we face the possibility of difficult amendment with total economic fluctuations and financial instability,” he said.