{"id":821203,"date":"2025-01-19T23:11:57","date_gmt":"2025-01-20T05:11:57","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2025\/01\/19\/bank-of-england-and-new-york-counterpart-exchange-puts-technology-cooperation-into-3d\/"},"modified":"2025-01-19T23:11:57","modified_gmt":"2025-01-20T05:11:57","slug":"bank-of-england-and-new-york-counterpart-exchange-puts-technology-cooperation-into-3d","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2025\/01\/19\/bank-of-england-and-new-york-counterpart-exchange-puts-technology-cooperation-into-3d\/","title":{"rendered":"Bank of England and New York counterpart exchange puts technology cooperation into 3D"},"content":{"rendered":"<div id=\"content-header\">\n<h2>A staff exchange between regulators will see US and UK financial technology experts cross the Atlantic <\/h2>\n<\/div>\n<div id=\"content-center\">\n<ul>\n<li><i data-icon=\"1\"><\/i><\/li>\n<li><i data-icon=\"2\"><\/i><\/li>\n<\/ul>\n<div id=\"contributors-block\">\n<p><img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/rms\/computerweekly\/Karl-Flinders-profile-pic-2022-140x180px.jpg\" alt=\"Karl Flinders\">\n\t\t\t\t\t<\/p>\n<p><span>By<\/span><\/p>\n<ul>\n<li>\n\t\t\t\t\t<a href=\"https:\/\/www.techtarget.com\/contributor\/Karl-Flinders\">Karl Flinders,<\/a><br \/>\n\t\t\t\t\t\t<span>Chief reporter and senior editor EMEA<\/span>\n\t\t\t\t\t\t<\/li>\n<\/ul>\n<p>\n\tPublished: <span>16 Jan 2025 11:15<\/span>\n<\/p>\n<\/div>\n<section id=\"content-body\">\n<p>Financial services regulators in the UK and New York are to share staff through a secondment programme that kicks off next month.<\/p>\n<p>The New York Department of Financial Services and the Bank of England plan to share insights, knowledge and experience of emerging financial services and technologies.<\/p>\n<p>The Transatlantic Regulatory Exchange programme, as it is known, will start with the exchange of experts in emerging payment platforms and <a href=\"https:\/\/www.techtarget.com\/searchcontentmanagement\/tip\/Learn-the-basics-of-digital-asset-management\">digital assets<\/a>.<\/p>\n<p>Secondments will be for a minimum of six months, but could be extended to up to one year.<\/p>\n<p>The New York regulator\u2019s superintendent, Adrienne Harris, said: \u201cConnecting the two global financial capitals of New York and London is critical for regulatory harmonisation in a world where financial services are not defined by geography.\u201d<\/p>\n<p>Those taking part are expected to return to their home regulator \u201cwhere they can bring their enhanced insights, knowledge and experience to work on regulation of emerging financial services and technologies\u201d, according to the New York Department of Financial Services.<\/p>\n<p>The programme will take the organisations beyond just sharing notes, according to Jean-Louis Bravard, a former managing director and interim CIO at JP Morgan.<\/p>\n<p>\u201cI think it\u2019s a great idea because it\u2019s basically a 3D view instead of a 2D approach to sharing notes on problems,\u201d he told Computer Weekly. \u201cIn terms of method, I think the two regulators are quite different, while in terms of tools, I don\u2019t think so.\u201d<\/p>\n<p>Bravard, who also spent time in the IT outsourcing sector, added that the exchange of knowledge and skills will help the organisations fill gaps without having to outsource. He said the people working at both organisations are highly trustworthy so it is a safe way of accessing different skills.<\/p>\n<p>Cross-border cooperation by regulators will also contribute to the global market. Sarah Breeden, deputy governor for financial stability at the Bank of England, said: \u201cBy sharing our knowledge and learning from one another, we can better ensure that regulation supports global financial stability and safe innovation in payments and financial markets.\u201d<\/p>\n<blockquote>\n<div>\n<figure>\n   Connecting the two global financial capitals of New York and London is critical for regulatory harmonisation in a world where financial services are not defined by geography<br \/>\n  <\/figure><figcaption>\n   <strong>Adrienne Harris, New York Department of Financial Services<\/strong><br \/>\n  <\/figcaption><\/div>\n<\/blockquote>\n<p>According to Chris Skinner, <a href=\"https:\/\/thefinanser.com\/\">CEO of <em>The Finanser<\/em><\/a> and industry commentator, called it \u201ca win-win\u201d for both organisations.<\/p>\n<p>\u201cThis is an interesting development as the USA and UK see themselves as leaders in developing and regulating financial technology startups and markets,\u201d he said. \u201cThe USA can bring insights into how the big tech firms think and their position on digital assets. The UK can bring access to the world\u2019s leading fintech centre with the most advanced startup community.\u201d<\/p>\n<p>In consideration of the first planned exchange, which is around emerging payments and digital assets, David Bannister, analyst at capital markets-focused consultancy GreySpark Partners, said the US could learn a lot from the UK in terms of payment platforms.<\/p>\n<p>\u201cThe US payment system is still stuck in the past and it\u2019s only in the last few years that the split between electronic payments and cheques was finally in favour of a electronic payments.\u201d<\/p>\n<p>He added that in terms of digital assets, an emerging field of expertise, international cooperation is vital.<\/p>\n<p>The cooperation will inevitably expand into other areas of finance where advanced technologies are used. With the rapid <a href=\"https:\/\/www.computerweekly.com\/news\/366614867\/Bank-of-England-warns-against-AI-complacency\">rise in the use of artificial intelligence (AI)<\/a> in the banking sector and the continued threat from cyber criminals, keeping up with technology is a constant challenge for regulators.<\/p>\n<p>One senor IT executive in the UK banking sector told Computer Weekly that AI is likely to cause the next big banking scandal. \u201cSubprime mortgages, PPI \u2013 all these scandals have happened because the banks push something too far, then it blows up,\u201d he said. \u201cThen they have to reverse out and pay. That\u2019s the lifecycle of how the banks operate and AI will be the next.\u201d<\/p>\n<\/section>\n<section id=\"DigDeeperSplash\">\n<h4>\n\t\t\t<i data-icon=\"m\"><\/i>Read more on Managing IT and business issues<\/h4>\n<ul>\n<li><a id=\"DigDeeperItem-1\" href=\"https:\/\/www.computerweekly.com\/news\/366548392\/Bank-of-England-core-system-experiences-six-hour-outage\"><br \/>\n\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/www.computerweekly.com\/visuals\/German\/article\/system-error-adobe_searchsitetablet_520X173.jpg\" srcset=\"https:\/\/www.computerweekly.com\/visuals\/German\/article\/system-error-adobe_searchsitetablet_520X173.jpg 960w,https:\/\/www.computerweekly.com\/visuals\/German\/article\/system-error-adobe.jpg 1280w\" alt ><\/p>\n<h5>Bank of England core system experiences outage<\/h5>\n<div>\n<p><img decoding=\"async\" src=\"https:\/\/www.computerweekly.com\/rms\/computerweekly\/Karl-Flinders-profile-pic-2022-140x180px.jpg\" alt=\"KarlFlinders\">\n\t\t\t\t\t\t\t\t\t<\/p>\n<p><span>By: <span>Karl\u00a0Flinders<\/span><\/span>\n\t\t\t\t\t\t\t<\/p>\n<\/div>\n<p>\t\t\t\t<\/a><\/li>\n<li><a id=\"DigDeeperItem-2\" href=\"https:\/\/www.computerweekly.com\/opinion\/Transforming-the-financial-systems-plumbing\"><br \/>\n\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/www.computerweekly.com\/visuals\/ComputerWeekly\/Hero Images\/money-sterling-notes-pounds-getty_searchsitetablet_520X173.jpg\" srcset=\"https:\/\/www.computerweekly.com\/visuals\/ComputerWeekly\/Hero%20Images\/money-sterling-notes-pounds-getty_searchsitetablet_520X173.jpg 960w,https:\/\/www.computerweekly.com\/visuals\/ComputerWeekly\/Hero%20Images\/money-sterling-notes-pounds-getty.jpg 1280w\" alt ><\/p>\n<h5>Transforming the financial system&#8217;s plumbing<\/h5>\n<p>\t\t\t\t<\/a><\/li>\n<li><a id=\"DigDeeperItem-3\" href=\"https:\/\/www.computerweekly.com\/news\/366545493\/Bank-of-Englands-project-to-replace-beating-heart-is-foundation-for-continuous-development\"><br \/>\n\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/www.computerweekly.com\/rms\/computerweekly\/Bank-England-fotolia_searchsitetablet_520X173.jpg\" srcset=\"https:\/\/www.computerweekly.com\/rms\/computerweekly\/Bank-England-fotolia_searchsitetablet_520X173.jpg 960w,https:\/\/www.computerweekly.com\/rms\/computerweekly\/Bank-England-fotolia.jpg 1280w\" alt ><\/p>\n<h5>Bank of England\u2019s project to replace \u2018beating heart\u2019 is foundation for continuous development<\/h5>\n<div>\n<p><img decoding=\"async\" src=\"https:\/\/www.computerweekly.com\/rms\/computerweekly\/Karl-Flinders-profile-pic-2022-140x180px.jpg\" alt=\"KarlFlinders\">\n\t\t\t\t\t\t\t\t\t<\/p>\n<p><span>By: <span>Karl\u00a0Flinders<\/span><\/span>\n\t\t\t\t\t\t\t<\/p>\n<\/div>\n<p>\t\t\t\t<\/a><\/li>\n<li><a id=\"DigDeeperItem-4\" href=\"https:\/\/www.computerweekly.com\/news\/366541984\/Collaboration-in-finance-sector-develops-prototype-API-for-digital-currency\"><br \/>\n\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/www.computerweekly.com\/visuals\/ComputerWeekly\/Hero Images\/Cloud-currency-money-Fotolia_searchsitetablet_520X173.jpg\" srcset=\"https:\/\/www.computerweekly.com\/visuals\/ComputerWeekly\/Hero%20Images\/Cloud-currency-money-Fotolia_searchsitetablet_520X173.jpg 960w,https:\/\/www.computerweekly.com\/visuals\/ComputerWeekly\/Hero%20Images\/Cloud-currency-money-Fotolia.jpg 1280w\" alt ><\/p>\n<h5>Collaboration in finance sector develops prototype API for digital currency<\/h5>\n<div>\n<p><img decoding=\"async\" src=\"https:\/\/www.computerweekly.com\/rms\/computerweekly\/Karl-Flinders-profile-pic-2022-140x180px.jpg\" alt=\"KarlFlinders\">\n\t\t\t\t\t\t\t\t\t<\/p>\n<p><span>By: <span>Karl\u00a0Flinders<\/span><\/span>\n\t\t\t\t\t\t\t<\/p>\n<\/div>\n<p>\t\t\t\t<\/a><\/li>\n<\/ul>\n<\/section>\n<\/div>\n<p><a href=\"https:\/\/www.computerweekly.com\/news\/366618049\/Bank-of-England-and-New-York-counterpart-exchange-puts-technology-cooperation-into-3D\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><br \/>\n Elroy Schroeder<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A staff exchange between regulators will see US and UK financial technology experts cross the Atlantic By Karl Flinders, Chief reporter and senior editor EMEA Published: 16 Jan 2025 11:15 Financial services regulators in the UK and New York are to share staff through a secondment programme that kicks off next month. The New York<\/p>\n","protected":false},"author":1,"featured_media":821204,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[134915,23106,46],"tags":[],"class_list":{"0":"post-821203","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-counterpart","8":"category-england","9":"category-technology"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/821203","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=821203"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/821203\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/821204"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=821203"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=821203"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=821203"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}