Banks Should Innovate In Payments System, Experts Tell MPs

By Najiyya Budaly (October 12, 2021, 5:23 PM BST) -- Experts from the payments sector called on lenders in Britain on Tuesday to get ahead of financial technology companies and the central bank by creating innovative payments products such as stablecoins.

Stanford University professor Darrell Duffie and Simon Gleeson, a partner at Clifford Chance LLP, urged the banking sector to wake up from its lethargy in its approach to disrupting the payments sector.

The experts told the House of Lords Economic Affairs Committee that technology companies are entering the payments arena by offering stablecoins, such as Facebook-backed Diem. Regulators have raised concerns that the incursion of tech companies into financial services...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!