Bank of England Collaborates with Ripple to Test Synchronization of Real-Time Gross Settlement System

# BoE Partners with Ripple to Explore Real-Time Gross Settlement System Integration The Bank of England (BoE) has successfully completed a proof-of-concept (PoC) experiment with Ripple, exploring the synchronization of real-time gross settlement (RTGS) systems using Ripple’s Interledger Protocol (ILP), reported Cryptopolitan on the 11th. According to the report, the PoC experiment involved the BoE using Ripple’s ILP to coordinate cash movements between two virtual RTGS systems. RTGS, a system that allows financial institutions to maintain pound sterling accounts and provide immediate, risk-free payment channels, has been a core component of the BoE’s payment infrastructure for the past 30 years. During the RTGS operations, the BoE has been continuously reviewing new functionalities to synchronize cash transfers. The recent experiment confirmed the potential of Ripple’s ILP in optimizing cash flows, and the BoE is considering adopting it as a technological solution for future RTGS upgrades. # Collaboration with Ripple Opens Future Possibilities for BoE Ripple’s core services are directly linked to the BoE’s efforts to optimize cross-border payments. The BoE has previously explored the use of Ripple’s technology. Earlier this year, the BoE issued a report outlining the concept of a digital version of the pound sterling, or the U.K.’s Central Bank Digital Currency (CBDC), where Ripple’s technology was positively mentioned, albeit without specifying concrete solutions. The PoC experiment with Ripple’s ILP represents a significant advancement, enhancing the potential for future collaboration. The ILP met the BoE’s requirement for matching payments between two virtual RTGS ledgers, reinforcing the reliability of Ripple’s technology and opening avenues for wider adoption of Ripple's products globally. # Expansion and Innovation in Ripple’s Ecosystem Over the past 12 months, Ripple has made significant strides in expanding into new financial domains, continuing its path of innovation. Ripple launched Ripple USD (RLUSD), a U.S. dollar-based stablecoin, solidifying its position in the stablecoin market. Additionally, through collaboration with BDACS, Ripple provides on-chain custody solutions for XRP and RLUSD, leveraging South Korea’s regulatory-compliant digital asset custody model. The adoption of RippleNet by the National Commercial Bank of Saudi Arabia (NCB) has accelerated XRP’s institutional uptake, with global financial institutions increasingly adopting digital payment solutions. Beyond payments, Ripple is also expanding its territory into tokenization. Four months ago, Ripple launched a $3.8 billion tokenized money market fund based on XRPL, continuing its innovation in the digital asset market. Ripple is now poised to reshape the stablecoin industry, preparing for its second wave of innovation.