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Home > Markets and Payments > RTGS Renewal Programme
 

RTGS Renewal Programme

​The RTGS Renewal Programme will deliver the next generation of our Real-Time Gross Settlement System (RTGS). The programme is currently in its definition phase, during which we will establish the priorities, sequencing and timetable for transitioning to a new RTGS system.

The new RTGS system will deliver a range of new features and capabilities. This 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.

Throughout the transition we will take the utmost care to make sure the service currently provided is available, given the system’s importance. On an average day, RTGS settles around £500 billion between banks – around a quarter of UK gross domestic product (GDP).  In turn, these payments back the vast majority of payments in the real economy.  RTGS also provides the mechanism through which the Bank provides liquidity for financial stability purposes and implements the Monetary Policy Committee’s (MPC) decisions on Bank Rate.

We will continue to engage with the payments community throughout the programme definition period, to ensure that the next generation of RTGS creates a world-leading payments landscape for the United Kingdom.

For more information, you can contact us at RTGSEngagement@bankofengland.co.uk 

RTGS renewal timeline

Below you can see the journey to get to this point:
 

19 July 2017: External Advisory Body

 
One of our commitments made in the blueprint, published in May 2017, was that an External Advisory Body would be formed to advise the Bank on implementation of the renewed service.  The Advisory Body has now been established, representing a broad range of interests, from current RTGS members, prospective members and trade bodies. The Advisory Body’s objectives are to:

  • Support an ongoing and effective dialogue between the Bank and its stakeholders during the RTGS Renewal Programme.
  • Provide a senior forum for the Bank to gather informed views on all aspects of the programme from a cross section of experienced stakeholders.
  • Give a means for the Bank to understand and, where appropriate, challenge the implementation plans of industry.
  • Drive a smooth and timely transition to the new service by promoting industry collaboration on cross cutting industry risks and issues.
The first meeting of the Advisory Body was held in July. In this meeting, it was agreed that the Advisory Body’s input over the next year would be particularly important in three areas: identifying industry-wide costs and benefits to help the Bank shape the programme’s final scope; sharing information on the effect that the Bank’s new operating model for the RTGS infrastructure and HVPS scheme would have on industry; and contributing to implementation planning - in particular the phasing of change.

 

9 May 2017: RTGS blueprint published

 

We set out our blueprint for a new RTGS service, which is designed to:

  • respond to the changing structure of the financial system
  • meet user demand for simpler and more resilient payment pathways 
  • build capacity to interface with new payment technologies as adoption increases
  • ensure the system continues to be resilient in the face of evolving threats such as cyber-attacks
  • support the evolution of regulatory and monetary policy tools

16 September 2016: RTGS consultation paper

We launched a consultation on the next generation of the Real-Time Gross Settlement service. The consultation is now closed.
 
A new RTGS service for the United Kingdom: safeguarding stability, enabling innovation

17 June 2016: progress update

We published an update on the development of the blueprint for a new RTGS system.
 
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