BofE uses accelerator to gain real-world fintech experience

The Bank of England is using its new fintech accelerator to work with startups on developing proof-of-concepts (POCs) in data analytics, information security and distributed ledgers. Launched in June, the accelerator is designed to boost the BofE's practical experience with fintech, with firms invited to apply to work with it on POCs that address challenges unique to the central bank. Speaking at Web Summit in Lisbon this week, BofE COO Charlotte Hogg invited new applications and gave an update on the project, revealing that the bank is working with BMLL Technologies on a POC that uses a machine learning platform, applied to historic limit order book data, to spot anomalies and facilitate the use of new tools in analytical capabilities. A second POC, with Enforcd, uses an analytic platform designed specifically to share public information on regulatory enforcement action. Meanwhile, two firms - Anomali and ThreatConnect - are working on technologies to collect, correlate, categorise and integrate cyber security intelligence data.