A revamped Bank of England payments system should be able to hook up with fintech firms using distributed ledger technology (blockchain).According to Reuters, the Bank of England is aiming to revamp its Real-Time Gross Settlement (RTGS) system to strengthen defenses against cyber-attacks and make it easier for smaller firms to use the system directly rather than via large incumbent banks.The Bank of England is convinced that this will help boost competition and innovation. 06.07.2018 | 13:12 Russian banks to get permit for blockchain-based transactions in 2019 It is expected that the revamped system will be launched by 2020.RTGS system handles transactions worth around 500 billion pounds - equivalent to almost a third of Britain’s annual economic output. 17.07.2018 | 16:08 Hong Kong’s blockchain-backed trade finance platform to unite 21 banks RTGS suffered a major cyber-attack in October 2014, which was the cause to revamp the system. Reuters writes that Britain’s government is keen for the United Kingdom to remain a leading center for fintech innovation like payments and blockchain. Berlin, Paris and other EU cities are seeking to lure fintech firms from Britain, worried about access to the bloc’s single market after Brexit next year.The partner of Fintech section is Tweet Views 19804