With its open approach of considering, adapting to, and applying fintech across the breadth of its mission, including through its own investments, the Bank will play its part. 14 15  Bank of England (2017b) The proof of concept connects firms to a specifically built, offline version of RTGS so that the live RTGS system is protected.
The Open Banking standard and PSD2  11  introduce changes to access of account  information and initiation of payments, requiring banks to make customer data available to authorised third parties if customers so choose. This may change the way that customers access and operate their bank 12  accounts, such as by making them accessible via a single smartphone app developed by a third party . As the prudential regulator of UK financial services firms, the Bank of England needs to be open in how it considers and responds to changes arising in retail banking from this reform. In fact, increasing competitive pressures in retail banking, enabled in part by an increase in the use of fintech, formed part of the biennial 13  exploratory scenario in our 2017 stress test . As well as looking at these infrastructure changes impacting the firms we regulate, we are also opening ourselves to change by experimenting with new technologies when we think about enhancing how we work – including for the infrastructure we are responsible for. 10  Hauser, A (2017) Europe’s second Payment Services Directive Cunliffe, J (2018) 13 Bank of England (2017a) 11 12  4  All speeches are available online at www.bankofengland.co.uk/speeches  4  14  The Bank of England is currently investing in its RTGS service , a critical piece of national infrastructure, renewing the heart of the UK’s overall payment system to meet the challenges posed by a rapidly changing landscape.