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Albert Colburn 2017-11-14
img

The old £10 note needs to be spent by March next year, the Bank of England has revealed.

The old currency will cease to be legal tender by 11.59pm on Thursday, March 1 after the new notes featuring Jane Austen were released earlier this year.

Old notes can still be spent before this cut-off date and exchanged at the Bank once this point has passed.

The Bank introduced the paper £10 note featuring naturalist Charles Darwin on November 7, 2000.

About 55% of the £10 notes in circulation are made from polymer, while 359 million are paper.

The new £10 banknote, which was introduced on September 14 and features a picture of Jane Austin, is the first Bank of England note with a tactile feature to help blind and partially-sighted users.

collect
0
Sam Gibson 2020-10-30
img

The Old Lady of Threadneedle Street needs help managing thousands of laptops, PCs and tablets

The Bank of England has said it is looking for an IT supplier to support its extensive personal computer estate in a contract which is set to be worth around £46.5m.…

collect
0
Albert Hummel 2017-11-05
img

In business, few can resist a grand plan enumerated with the boundless promise of tomorrow.

The U.S. Defense Security Cooperation Agency, the Bank of England, Malaysia and the German conglomerate Siemens AG are among the many with plans dubbed “Vision 2020.” The European Union has two programs with the name.

Now, an internet search turns up Vision 2020s for consulting firm A.T. Kearney, Wales’s hockey league and a campaign to achieve “zero food waste to landfill by 2020.”

“You need to type in ‘Vision 2020’ and then the word ‘eyes’,” says Sally Crook, a program manager at the International Agency for the Prevention of Blindness, which created the project with the United Nations World Health Organization nearly two decades ago.

Ms. Cook is dismayed by the moniker copycats.

(A spokeswoman for the service denies it played a role in the project name, pointing the finger instead at the “conservation community in south Asia.”)

collect
0
Calvin Muchow 2021-06-03
img
The department can review the whole problems and accordingly initiate suitable measures to check ATM frauds, Bank officers' union AIBOC said
collect
0
Joan Zappulla 2017-05-05
img

p Today's the day that the previous, vegan version of the Bank of England's five pound note ceases to be legal tender, with on-the-ball shops likely to refuse to take them from now on if you try to pay for your sad meal deal with one.

The good news is that if you have a secret stash of old fivers that you've been saving for a rainy day to use to buy drugs off the darknet or something they can still be redeemed, as the Bank of England will always honour its promise to pay the bearer of any old out-of-circulation money the equivalent face value in new notes.

The last English fiver was introduced back in 2002, when £5 was a lot of money and could've bought you a brand new Mini Metro, a flat in a new build in Manchester, 25 goes on an arcade machine or six cans of Stella.

The next exciting date for money enthusiasts is September 2017, when the BofE is releasing its new polymer tenner, featuring Gary Barlow and a hologram of the Starbucks logo.

collect
0
James Hammond 2016-06-02
img

As we bizarrely make the move towards paper for train tickets, the era of plastic money is about to begin.

The Bank of England today revealed its first ever plastic banknote, which will go into circulation in September.

It s supposed to be more hard-wearing, secure and environmentally-friendly because it should last for five years instead of 18 months, duh than the paper fiver, though it won t survive the steaming hot touch of an iron.

So you shouldn t iron one, unless you ve got money to… well, melt, I guess is the correct word now.

front fiver

It'll also be easy to wipe clean and, depending on stiffness, should serve as the perfect cocaine straw.

Ideal for getting you through late nights at the office.

collect
0
Samuel Norton 2016-06-02
img

As we bizarrely make the move towards paper for train tickets, the era of plastic money is about to begin.

The Bank of England today revealed its first ever plastic banknote, which will go into circulation in September.

It s supposed to be more hard-wearing, secure and environmentally-friendly because it should last for five years instead of 18 months, duh than the paper fiver, though it won t survive the steaming hot touch of an iron.

So you shouldn t iron one, unless you ve got money to… well, melt, I guess is the correct word now.

front fiver

It'll also be easy to wipe clean and, depending on stiffness, should serve as the perfect cocaine straw.

Ideal for getting you through late nights at the office.

collect
0
Edmond Garcia 2016-06-02
img

Britain s new polymer notes can survive a splash of Claret, a flick of cigar ash, the nip of a bulldog.

The new five-pound note features the image of Britain s World War II leader Winston Churchill - and comes with a promise that it can stand up to all his favorite things.

Mark Carney unveiled the full new design of the note on Thursday at Churchill s birthplace in Oxfordshire.

Joe Giddens/PA via AP UNITED KINGDOM OUT - NO SALES - NO ARCHIVES More

LONDON AP — Britain's new five-pound note features the image of World War II leader Winston Churchill — and comes with a promise that it can stand up to all his favorite things.

When the new design was announced in 2013, an outcry followed because no woman would appear on Britain's cash aside from that of Queen Elizabeth II.

Novelist Jane Austen was later chosen for the 10-pound note.

collect
0
Robert Flenard 2021-04-15
img
To provide enhanced security, ‘Pay by Bank App’ ensures that Bank customer’s payment credentials are never exposed to the merchant, making the transaction completely secure
collect
0
Steven Condon 2017-11-28
img

Banks have shown signs of being confident that fintechs do not pose a significant threat, the Bank of England is concerned.

Banks may be at risk of underestimating the power fintechs will hold in disrupting their processes, taking their customers and relegating them from the needs of the customer.

HAving conducted a stress test across the seven leading UK banks – RBS, Lloyds, Standard Chartered, Santander UK and Barclays – the Bank of England noted that banks were disregarding the potential sway fintechs could have over the allegiance of customers.

The UK organisations involved in the BoE study are under the impression that they will not need to make major changes in terms of leveraging cutting edge technologies to successfully compete with the third party service providers that will soon be on the scene.

Banks are about to face a colossal challenge in January 2018, with PSD2 set to potentially be the biggest change to banking since the internet.

The European directive will provide fintechs with access to traditional banking customer information, making them free to provide their cutting edge alternatives.

collect
0
Ralph Vandermeer 2021-05-24
img
Andrew Bailey said that in general financial innovation is good for the economy, but investors need to maintain vigilance about the underlying assets they create.
collect
0
Raymond Maxwell 2018-06-14
img

What, you didn't do this already?

The TSB fiasco that led to customers being unable to access their accounts, followed up by widespread fraud, has caused the BofE's Prudential Regulation Authority (PRA) along with the Financial Conduct Authority (FCA) to kick off a formal investigation.

Other recent events have also higlighted the vulnerabilities of banking tech: first there was the Visa debacle, when payment processing ground to a halt due to a hardware failure on 1 June, causing retail mayhem over Europe.

And then, traders were forced to swap making money for making morning tea after the London Stock Exchange spent an hour longer in bed last week following an unspecified IT problem.

In response to the jump in frequency and severity of the incidents, the BofE's Financial Policy Committee (FPC) is putting together a new framework around resilience and risk, and a discussion paper will be published, according to a BofE senior supervisor who spoke to the Financial Times.

It is likely that the FPC framework will set minimum service levels to keep the economy ticking over in the event of a plausible disruption.

collect
0
Duane Harrison 2016-09-13
img

The Bank of England has included Apple on a list of companies that qualify for its new economic stimulus bond-buying scheme.

This means the central bank views the company as making a "material contribution" to the British economy.

The decision will anger the Silicon Valley giant's critics, who accuse it of avoiding tax on UK sales by routing them via Ireland.

The European Commission has attacked Ireland's tax arrangements with Apple.

It said they allowed the iPhone maker to pay almost no tax on international sales, which amounted to illegal state aid.

On Monday, Apple was put on a list of 100 companies that will qualify for the Bank of England's new corporate debt purchase initiative.

collect
0
Robbie Kromer 2016-05-19
img

At the time, it was reported that the attackers had managed to gain access to the Bangladesh network via cheap and unpatched routers.

Ongoing Fallout

breaching bank security

Brussels-based SWIFT said it was aware of malware targeting its client software and had released a patch.

Compliance Check

The BoE apparently ordered UK banks in mid April to detail the steps taken to secure their computers connected to SWIFT, said Reuters, which quoted three people familiar with the matter as its source.

The Bangladesh Bank attackers were said to have installed malware inside the bank s Dhaka headquarters that hid traces of their attack in a bid to delay discovery of their attack, so they could access the funds held in New York over a weekend period.

Bank Worries

The BoE intervention come amid growing concern of the threats banks face in the increasingly online world.

It said that more than two dozen large Russian banks were targeted by hacking gangs last year, with the loss of millions of pounds.

collect
0
Robert Flenard 2016-06-20
img

Central bank and PwC to test how blockchain could be used for distributed ledger technology

The Bank of England and professional services giant PriceWaterhouseCoopers PwC have teamed to help the central bank to produce its first distributed ledger proof of concept as it seeks to work with FinTech firms to solve financial challenges.

Proof Of Concept

As part of that, PwC s blockchain team will help the Bank s own technology specialists to produce their first distributed ledger proof of concept.

This Proof of Concept brought to life the core features of distributed ledgers, greatly enhancing the Bank s understanding of DLT, added Rob Elsey, Chief Information Officer for the Bank of England.

It said it would use blockchain to allow its customers to transfer money overseas, without needing to wait several days for their payments to be cleared.

Earlier this year the technology received a major show of support from the UK Government after Cabinet Office Minister Matthew Hancock confirmed it was looking in to how the technology could be used to manage and keep track of the distribution of public money, such as grants and student loans.

The Bank of England s decision to try out a proof of concept using blockchain therefore represents a notable move.

collect
0
Michael Smith 2018-12-15
img

Over 200 celebrities, politicians and public figures have backed a campaign lobbying the Bank of England to choose a black or minority ethnic figure for the new £50 note.

Across the last 400 years, no person of colour has appeared on a Bank of England note.

“We want to see fine Intentions on diversity and inclusion translate into the most visible form of representation the Bank of England can offer: a banknote that each of us can hold, which reflects our shared history and contribution to the UK.”

Zaidi, who is also the director of Cities of Hope, added that "it is time the historic gap regarding ethnic minority representation on banknotes is corrected.”

In a 2017 speech delivered at the Bank of England, governor Mark Carney spoke about the importance of diversity and inclusion.

This campaign references this speech, urging the governor to live up to this ideal by ensuring that a person of colour features on a bank note.

collect
0
Albert Colburn 2017-11-14
img

The old £10 note needs to be spent by March next year, the Bank of England has revealed.

The old currency will cease to be legal tender by 11.59pm on Thursday, March 1 after the new notes featuring Jane Austen were released earlier this year.

Old notes can still be spent before this cut-off date and exchanged at the Bank once this point has passed.

The Bank introduced the paper £10 note featuring naturalist Charles Darwin on November 7, 2000.

About 55% of the £10 notes in circulation are made from polymer, while 359 million are paper.

The new £10 banknote, which was introduced on September 14 and features a picture of Jane Austin, is the first Bank of England note with a tactile feature to help blind and partially-sighted users.

Albert Hummel 2017-11-05
img

In business, few can resist a grand plan enumerated with the boundless promise of tomorrow.

The U.S. Defense Security Cooperation Agency, the Bank of England, Malaysia and the German conglomerate Siemens AG are among the many with plans dubbed “Vision 2020.” The European Union has two programs with the name.

Now, an internet search turns up Vision 2020s for consulting firm A.T. Kearney, Wales’s hockey league and a campaign to achieve “zero food waste to landfill by 2020.”

“You need to type in ‘Vision 2020’ and then the word ‘eyes’,” says Sally Crook, a program manager at the International Agency for the Prevention of Blindness, which created the project with the United Nations World Health Organization nearly two decades ago.

Ms. Cook is dismayed by the moniker copycats.

(A spokeswoman for the service denies it played a role in the project name, pointing the finger instead at the “conservation community in south Asia.”)

Joan Zappulla 2017-05-05
img

p Today's the day that the previous, vegan version of the Bank of England's five pound note ceases to be legal tender, with on-the-ball shops likely to refuse to take them from now on if you try to pay for your sad meal deal with one.

The good news is that if you have a secret stash of old fivers that you've been saving for a rainy day to use to buy drugs off the darknet or something they can still be redeemed, as the Bank of England will always honour its promise to pay the bearer of any old out-of-circulation money the equivalent face value in new notes.

The last English fiver was introduced back in 2002, when £5 was a lot of money and could've bought you a brand new Mini Metro, a flat in a new build in Manchester, 25 goes on an arcade machine or six cans of Stella.

The next exciting date for money enthusiasts is September 2017, when the BofE is releasing its new polymer tenner, featuring Gary Barlow and a hologram of the Starbucks logo.

Samuel Norton 2016-06-02
img

As we bizarrely make the move towards paper for train tickets, the era of plastic money is about to begin.

The Bank of England today revealed its first ever plastic banknote, which will go into circulation in September.

It s supposed to be more hard-wearing, secure and environmentally-friendly because it should last for five years instead of 18 months, duh than the paper fiver, though it won t survive the steaming hot touch of an iron.

So you shouldn t iron one, unless you ve got money to… well, melt, I guess is the correct word now.

front fiver

It'll also be easy to wipe clean and, depending on stiffness, should serve as the perfect cocaine straw.

Ideal for getting you through late nights at the office.

Robert Flenard 2021-04-15
img
To provide enhanced security, ‘Pay by Bank App’ ensures that Bank customer’s payment credentials are never exposed to the merchant, making the transaction completely secure
Ralph Vandermeer 2021-05-24
img
Andrew Bailey said that in general financial innovation is good for the economy, but investors need to maintain vigilance about the underlying assets they create.
Duane Harrison 2016-09-13
img

The Bank of England has included Apple on a list of companies that qualify for its new economic stimulus bond-buying scheme.

This means the central bank views the company as making a "material contribution" to the British economy.

The decision will anger the Silicon Valley giant's critics, who accuse it of avoiding tax on UK sales by routing them via Ireland.

The European Commission has attacked Ireland's tax arrangements with Apple.

It said they allowed the iPhone maker to pay almost no tax on international sales, which amounted to illegal state aid.

On Monday, Apple was put on a list of 100 companies that will qualify for the Bank of England's new corporate debt purchase initiative.

Robert Flenard 2016-06-20
img

Central bank and PwC to test how blockchain could be used for distributed ledger technology

The Bank of England and professional services giant PriceWaterhouseCoopers PwC have teamed to help the central bank to produce its first distributed ledger proof of concept as it seeks to work with FinTech firms to solve financial challenges.

Proof Of Concept

As part of that, PwC s blockchain team will help the Bank s own technology specialists to produce their first distributed ledger proof of concept.

This Proof of Concept brought to life the core features of distributed ledgers, greatly enhancing the Bank s understanding of DLT, added Rob Elsey, Chief Information Officer for the Bank of England.

It said it would use blockchain to allow its customers to transfer money overseas, without needing to wait several days for their payments to be cleared.

Earlier this year the technology received a major show of support from the UK Government after Cabinet Office Minister Matthew Hancock confirmed it was looking in to how the technology could be used to manage and keep track of the distribution of public money, such as grants and student loans.

The Bank of England s decision to try out a proof of concept using blockchain therefore represents a notable move.

Sam Gibson 2020-10-30
img

The Old Lady of Threadneedle Street needs help managing thousands of laptops, PCs and tablets

The Bank of England has said it is looking for an IT supplier to support its extensive personal computer estate in a contract which is set to be worth around £46.5m.…

Calvin Muchow 2021-06-03
img
The department can review the whole problems and accordingly initiate suitable measures to check ATM frauds, Bank officers' union AIBOC said
James Hammond 2016-06-02
img

As we bizarrely make the move towards paper for train tickets, the era of plastic money is about to begin.

The Bank of England today revealed its first ever plastic banknote, which will go into circulation in September.

It s supposed to be more hard-wearing, secure and environmentally-friendly because it should last for five years instead of 18 months, duh than the paper fiver, though it won t survive the steaming hot touch of an iron.

So you shouldn t iron one, unless you ve got money to… well, melt, I guess is the correct word now.

front fiver

It'll also be easy to wipe clean and, depending on stiffness, should serve as the perfect cocaine straw.

Ideal for getting you through late nights at the office.

Edmond Garcia 2016-06-02
img

Britain s new polymer notes can survive a splash of Claret, a flick of cigar ash, the nip of a bulldog.

The new five-pound note features the image of Britain s World War II leader Winston Churchill - and comes with a promise that it can stand up to all his favorite things.

Mark Carney unveiled the full new design of the note on Thursday at Churchill s birthplace in Oxfordshire.

Joe Giddens/PA via AP UNITED KINGDOM OUT - NO SALES - NO ARCHIVES More

LONDON AP — Britain's new five-pound note features the image of World War II leader Winston Churchill — and comes with a promise that it can stand up to all his favorite things.

When the new design was announced in 2013, an outcry followed because no woman would appear on Britain's cash aside from that of Queen Elizabeth II.

Novelist Jane Austen was later chosen for the 10-pound note.

Steven Condon 2017-11-28
img

Banks have shown signs of being confident that fintechs do not pose a significant threat, the Bank of England is concerned.

Banks may be at risk of underestimating the power fintechs will hold in disrupting their processes, taking their customers and relegating them from the needs of the customer.

HAving conducted a stress test across the seven leading UK banks – RBS, Lloyds, Standard Chartered, Santander UK and Barclays – the Bank of England noted that banks were disregarding the potential sway fintechs could have over the allegiance of customers.

The UK organisations involved in the BoE study are under the impression that they will not need to make major changes in terms of leveraging cutting edge technologies to successfully compete with the third party service providers that will soon be on the scene.

Banks are about to face a colossal challenge in January 2018, with PSD2 set to potentially be the biggest change to banking since the internet.

The European directive will provide fintechs with access to traditional banking customer information, making them free to provide their cutting edge alternatives.

Raymond Maxwell 2018-06-14
img

What, you didn't do this already?

The TSB fiasco that led to customers being unable to access their accounts, followed up by widespread fraud, has caused the BofE's Prudential Regulation Authority (PRA) along with the Financial Conduct Authority (FCA) to kick off a formal investigation.

Other recent events have also higlighted the vulnerabilities of banking tech: first there was the Visa debacle, when payment processing ground to a halt due to a hardware failure on 1 June, causing retail mayhem over Europe.

And then, traders were forced to swap making money for making morning tea after the London Stock Exchange spent an hour longer in bed last week following an unspecified IT problem.

In response to the jump in frequency and severity of the incidents, the BofE's Financial Policy Committee (FPC) is putting together a new framework around resilience and risk, and a discussion paper will be published, according to a BofE senior supervisor who spoke to the Financial Times.

It is likely that the FPC framework will set minimum service levels to keep the economy ticking over in the event of a plausible disruption.

Robbie Kromer 2016-05-19
img

At the time, it was reported that the attackers had managed to gain access to the Bangladesh network via cheap and unpatched routers.

Ongoing Fallout

breaching bank security

Brussels-based SWIFT said it was aware of malware targeting its client software and had released a patch.

Compliance Check

The BoE apparently ordered UK banks in mid April to detail the steps taken to secure their computers connected to SWIFT, said Reuters, which quoted three people familiar with the matter as its source.

The Bangladesh Bank attackers were said to have installed malware inside the bank s Dhaka headquarters that hid traces of their attack in a bid to delay discovery of their attack, so they could access the funds held in New York over a weekend period.

Bank Worries

The BoE intervention come amid growing concern of the threats banks face in the increasingly online world.

It said that more than two dozen large Russian banks were targeted by hacking gangs last year, with the loss of millions of pounds.

Michael Smith 2018-12-15
img

Over 200 celebrities, politicians and public figures have backed a campaign lobbying the Bank of England to choose a black or minority ethnic figure for the new £50 note.

Across the last 400 years, no person of colour has appeared on a Bank of England note.

“We want to see fine Intentions on diversity and inclusion translate into the most visible form of representation the Bank of England can offer: a banknote that each of us can hold, which reflects our shared history and contribution to the UK.”

Zaidi, who is also the director of Cities of Hope, added that "it is time the historic gap regarding ethnic minority representation on banknotes is corrected.”

In a 2017 speech delivered at the Bank of England, governor Mark Carney spoke about the importance of diversity and inclusion.

This campaign references this speech, urging the governor to live up to this ideal by ensuring that a person of colour features on a bank note.