rtgs is being reconfigured to three configured to lower the cost of across the border payments.e overhaul rtgs, the bank is making it easier for the uk financial system to realise the promise of big data. new rtgs requires a much richer data on every payment made and a format that defines international best practise, including embedding the best practise corporate identifier in all payment systems. as the chancellor said, we are also overhauling regulations to make sure they are fit for the new finance. we streamlined our approach authorising new banks, proving 37 in the last few years, including 16 new bank startups that are internet only. and with the fca, we are exploring how artificial intelligence and machine learning could be used to make the reading of our rule blogs easier, the reporting of a regulatory data quicker, and the analysis of the data much more efficient. we have begun to think through how regulation may need to change with the new economy, including new approaches to risk models and securitization in a world of intangible capital and databased finance. as the