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.