Skip to main content
  • This website sets cookies on your device. To find out more about how we use cookies please refer to our Privacy and Cookie Policy. By continuing to use the site, we’ll assume that you are content for us to set these on your device.
  • Close
Home > FinTech Accelerator
 

FinTech Accelerator

FinTech AcceleratorOur FinTech Accelerator works in partnership with firms working with new technology to explore how FinTech innovations could be used in central banking. This helps us to improve our understanding of FinTech trends, and also allows us to support development of the sector. In return, we offer the firms a chance to demonstrate their solutions for real issues, gain knowledge from Bank experts and a valuable client reference.

The Accelerator also plays a part in informing the Bank’s understanding of how technological innovation could impact our policy objectives, in particular financial stability.

How can FinTech firms work with us?

FinTech firms can engage with us through submitting a response to one of our open calls for applications to work on a Proof of Concept (PoC) in one of our priority areas. Our priority areas will be listed on our website and we run a competitive and transparent process in evaluating all applications. All PoCs are time-bound and will in most cases be ring-fenced from the Bank's daily operations for the course of the PoC. At the close of the PoC, outcomes are assessed against the initial criteria and we may publish a write-up.

In some cases, successful firms may have the opportunity to re-tender through an open process to become an ongoing partner of the Bank.

How to apply

Our call for applications is now closed. Thank you to all the firms who have applied. We will be evaluating your submissions and will get in touch to let you know the next steps. In the meantime we will not be accepting any further applications.
 
If you have any questions, please email fintech@bankofengland.co.uk or read our frequently asked questions on the Bank of England AcceleratorIf your question concerns an application you have submitted to us, we kindly ask your patience as we evaluate your submissions. We will get back to you as soon as possible.


Which FinTech firms have we worked with?

We are currently working with:

MindBridge AI: MindBridge’s artificial intelligence (AI) auditor detects anomalies in financial transactions and reports using data science, machine learning and AI. We are using the tool to explore the benefits of machine learning for analysing the quality of regulatory data.

Ripple: We are carrying out a proof of concept with Ripple to demonstrate the synchronised movement of two different currencies across two real-time gross settlement systems by connecting two simulated real-time gross settlement systems using the interledger protocol. The aim is to show how this kind of synchronisation might lower settlement risk and improve the speed and efficiency of cross-border payments.

Enforcd: We are testing Enforcd’s analytic platform, which is designed to assess and draw out trends in regulatory enforcement action using publicly available information.

We have worked with the following firms in the past:

  • BMLL: BMLL’s machine-learning platform provides access to historic limit order book data – trading exchanges’ records of buyer and seller interest in particular trades – with the aim of making it easier to analyse and check anomalies in the data. We are testing the alpha version for the BMLL proof of concept.
  • Anomali and ThreatConnect: We asked these companies to create a searchable database where intelligence on cybersecurity threats can be optimised and stored. View the Anomali proof of concept and the ThreatConnect proof of concept.
  • BitSight: In the BitSight proof of concept, we tested BitSight’s tool that assesses a firm’s cyber resilience based on publicly available data.
  • Privitar: For this proof of concept, we tested Privitar’s software on a manufactured dataset to examine the analytical value of the desensitised data. We did this to establish whether we could provide Bank researchers wider access to data.
  • PwC: Our project with PwC looked at possible applications of blockchain and distributed ledger technology.

Our FinTech Community

We have created a community of FinTech-related organisations with the aims of:

  • sharing developments, trends and insights so that firms across the sector can learn from each other, and we in turn can learn from them
  • making sure that the Bank is engaging with a variety of  FinTech firms from across the sector
  • increasing networking across firms that are interested in  FinTech, helping the sector to develop.

The community will not discuss or share any commercially sensitive material. It is free to join, but we are initially limiting membership to firms most relevant to the Bank’s remit and our FinTech objectives, and those that have made contact with us to share knowledge.

Firms that have completed a proof of concept with us will automatically be invited to join. We’ll review community membership regularly to make sure members continue to meet these criteria, and that we have an appropriate balance of organisations. We will also continue to engage with FinTech firms outside the community.

Members of the community will be invited to meet with us two to four times per year, to share updates on trends and developments in the sector. These meetings will be confidential. Community members will also be invited to quarterly networking and knowledge-sharing events. We will publish summaries of the topics discussed at these events.

Current members of the community are:

  • Anomali
  • British Bankers’ Assocation (BBA)
  • British Bankers’ Assocation (BBA) innovation working group
  • BitSight
  • BMLL
  • BT
  • Department for Business, Energy and Industrial Strategy
  • Deloitte LLP
  • Enforcd
  • Financial Conduct Authority (FCA)
  • Illuminate Financial Management LLP
  • Innovate Finance
  • London and Partners
  • NEX
  • Omidyar Network
  • Parker Fitzgerald
  • Privitar
  • PWC
  • Simmons and Simmons LLP
  • Thomson Reuters

Membership of the community does not entail approval or endorsement by the Bank.

Fintech Community Event 17 March 2017 - Key discussion topics

In the meantime, if you would like to stay in touch with us, you can follow us on LinkedIn. We will also be posting updates on our work on the Bank’s Twitter account. If you have any questions about the Accelerator, you can email FinTech@bankofengland.co.uk.

Share