[Editor’s Note: Today’s article is a guest publication from Philip Flores Jr., Senior Vice President at BMO Harris Bank N.A. Ardent Partners is happy to review and feature guest publications from authors across the accounts payable and supply management industry. If you or someone you know would like to become a guest contributor, please contact [...]
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Financial Risk
A Lesson in Financial Risk from the Bank of England’s Payments Collapse
On October 20, the Bank of England’s Real-Time Gross Settlement (RTGS) system was halted for roughly 10 hours. From 6 am to 3:30 pm London time, absolutely no interbank or large business-to-business transactions could be processed throughout the United Kingdom. The RTGS is an interbank payments system designed to shuffle large payments one at a [...]
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