RTGS Renewal Programme

Overview

The Real-Time Gross Settlement (RTGS) service is the infrastructure that holds accounts for banks, building societies and other institutions. The balances in these accounts can be used to move money in real time between these account holders, this delivers final and risk-free settlement. A programme of work has been established to deliver a renewed Real-Time Gross Settlement (RTGS) service. As set out in the blueprint, as well as replicating the functionality provided today, the new RTGS service will deliver a range of new features and capabilities for payments and settlements between financial institutions. More detail on when functionality is now expected to be delivered is in the Programme timeline below.

We will continue to engage with the payments industry throughout the Programme, to ensure that the next generation of RTGS creates a world-leading payments service for the UK.

Why is it necessary to renew RTGS? 

Renewing the service is necessary because the way payments are made has changed dramatically in recent years, reflecting changes in the needs of households and companies, changes in technology, and an evolving regulatory landscape.

Our vision

Our vision is to develop an RTGS service which is fit for the future, increasing resilience and access, and offering wider interoperability, improved user functionality and strengthened end-to-end risk management of the UK’s High Value Payment System.

Programme timeline 

Following close industry engagement, our indicative timeline is outlined below and based on a planning assumption with +/- 3 month accuracy. The RTGS Renewal Programme is one of many domestic, European and global changes affecting the payment industry and this complex change landscape will be factored into Programme planning. 

How we are governed

RTGS Renewal Committee

The RTGS Renewal Committee (a sub-committee of Court) governs the RTGS Renewal Programme. The Committee is comprised of two Court non-executive members, two RTGS/CHAPS Board independent members, the Bank’s Chief Operating Officer and the Deputy Governor for Markets and Banking. It is responsible for overseeing the delivery, overall scope and financial management of the RTGS Renewal Programme. Its responsibilities are set out in the Matters Reserved to Court document.

The Renewal Committee works closely with the RTGS/CHAPS Board which provides strategic leadership for RTGS and CHAPS. While the RTGS Renewal Committee is responsible for the delivery of RTGS Renewal, the RTGS/CHAPS Board is responsible for strategic decisions to manage the impact and risk to the live RTGS and CHAPS services from the Renewal Programme including ensuring all participants are ready to transition to the new RTGS service. The Board and the RTGS Renewal Committee are jointly responsible for the key decisions to transition to the new RTGS service. Information flows and consultation requirements are in place between RRC and Board on matters that would impact the others’ responsibilities.

The Bank’s RTGS Renewal Programme includes a significant engagement programme with key stakeholders, including through the External Advisory Body.

Further information

Speeches and publications from the Senior Leadership Team

As part of their regular speaking engagements, senior representatives of the Bank of England have been spreading the message about RTGS Renewal. Read a selection of these speeches in full.

Latest news

If you have any questions on the RTGS Renewal Programme, please contact RTGSengagement@bankofengland.co.uk, or see our latest news on our RTGS Renewal Programme news page.