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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 rsr@bankofengland.co.uk 

RTGS renewal timeline

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

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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