Bank of England (BoE)
The Bank of England (BoE) is the UK’s central bank, responsible for monetary policy, financial stability, and issuing currency. It is a central bank holding reserves (collateral) from Prudentially regulated firms to ensure market stability. In payments, BoE operates RTGS services including CHAPS and provides settlement services for major UK payment schemes.
Applications
E-commerce:
Reduces fraud in online card payments by verifying the cardholder's identity
E-commerce:
Reduces fraud in online card payments by verifying the cardholder's identity
Advantages
- Enhanced security: Reduces unauthorised transactions by verifying that the genuine account holder is authorising the payment
- Enhanced security: Reduces unauthorised transactions by verifying that the genuine account holder is authorising the payment
Challenges
- User Experience: Additional authentication steps can cause friction and increase checkout abandonment
- User Experience: Additional authentication steps can cause friction and increase checkout abandonment
