(Bloomberg) -- The Bank of England started a review of the U.K.’s payments system to take into account greater use of electronic banking and better prepare it for digital currencies and cyber attacks.

As advances such as mobile technology grow in use, increasing demand for 24-hour banking, the BOE will look at all options to modernize the 20-year-old Real Time Gross Settlement infrastructure and could even replace it. The critical network handles about 500 billion pounds ($712 billion) of daily interbank payments -- from salaries to mortgages to car purchases.

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