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Home > News and Publications > Blueprint for a new real-time gross settlement (RTGS) service
 

Blueprint for a new real-time gross settlement (RTGS) service

09 May 2017
Record of the Financial Policy Committee meeting held on 27 April 2017
 
At its meeting on 27 April 2017, the Financial Policy Committee (FPC):
 
Agreed that there were financial stability risks arising from the current structure for delivery of the UK High-Value Payment System (HVPS) and welcomed the Bank’s plan to mitigate these risks through a move to the proposed direct delivery model for operating the HVPS.
 

 

A blueprint for a new RTGS service for the United Kingdom

The Bank of England is today setting out its blueprint for a renewed Real-Time Gross Settlement (RTGS) service that will deliver a resilient, flexible and innovative sterling payment system for the United Kingdom to meet the challenges posed by a rapidly changing landscape.

RTGS lies at the heart of the UK’s payment infrastructure, as well as the Bank’s mission for monetary and financial stability. On an average day, RTGS settles around £500 billion between banks – around a quarter of the UK’s annual GDP – in sterling central bank money.

The renewed RTGS service 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 continued resilience in the face of evolving threats such as cyber-attacks, and support the evolution of regulatory and monetary policy tools.

Read the full news release

A blueprint for a new RTGS service for the United Kingdom

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