Future Roadmap for RTGS

We are exploring new features to introduce for RTGS as part of continuous service evolution after the new core ledger and settlement engine goes live. We are currently prioritising work on new ways to connect to RTGS, a synchronisation interface, and extended RTGS operating hours.

What is the Future Roadmap for RTGS

The new core ledger and settlement engine for delivery in 2024 will provide a strong foundation on which to build further functionality. Beyond 2024, we will benefit from this flexibility to continuously evolve the RTGS service to make sure it meets the changing needs of the industry, in responding to immediate issues and in making strategic enhancements. 

Our vision is for the RTGS to act as an open platform for the UK financial services industry and to facilitate safe and efficient settlement in central bank money.

Following industry feedback, the Bank issued a response to its 2022 consultation which set out three key priority areas for further work: new ways to connect to RTGS, a synchronisation interface, and extended RTGS operating hours.

We are now working closely with industry as part of co-creation to assess business cases and define high level design of priority features before deciding which features to implement and in what order.

Progressing priority features would help achieve the benefits we have set out. We have also published information on the wider benefits that RTGS Renewal will enable.

Co-creation with industry

Understanding the needs of RTGS users is essential in shaping and delivering future RTGS services in a way that promotes competition, innovation and value for money.

In May 2023, we launched a co-creation process to enable current and prospective users of RTGS and other relevant stakeholders to input into high-level design features and to help inform business case analysis. Co-creation includes:

  • Three dedicated thematic engagement groups.
  • Bilateral engagement and use of more general forums.
  • Surveys, discussion and/or consultation papers.

The Strategic Advisory Forum is acting as a cross-feature strategic roadmap delivery forum. It provides strategic advice across all future roadmap features. Considering the analysis completed by thematic groups and the developments in the payments landscape, the forum advises on the demand, timelines and sequencing of features, and the business cases for priority features from a strategic perspective.

Dedicated co-creation thematic engagement groups

The industry co-creation engagement groups help support and advise the Bank on business cases, speed and sequencing of priority features in the Roadmap. These groups play an advisory role, with final decisions on implementing the features in the Roadmap taken by the Bank. The Bank will consider the industry and user input alongside public policy considerations and other prioritisation factors when taking decisions on delivering features as part of the Roadmap.

The three thematic engagement groups are:

  • Resilient channels – includes new ways to connect to RTGS (via an additional network or payment application programming interface (APIs)) and enhancing our settlement contingency. These features share the common theme of removing a single point of failure from the payments ecosystem while creating new opportunities for innovation in networking infrastructure.
  • Extended RTGS operating hours – includes assessing business cases and the demand for extending operating hours to different end-states.
  • Synchronisation – includes assessing business cases for providing synchronised settlement and exploring further policy and design questions relating to the practical implementation of this functionality in RTGS. Synchronisation allows linking transfer of two assets in a way that one asset moves if and only if the other asset moves.

Figure 1 and Table B provide further information about co-creation forums.

The co-creation process for the current prioritised features began in May 2023 and is set to continue at least until Spring 2024. We will then take stock of the analysis completed and review our approach (including considering whether any new forums would be required) as we move towards delivering features.

Figure 1: Overview of co-creation forums

A diagram of the co-creation approach and set up of how the feature analysis will feed into the groups/forums created, whilst following the engagement principles we agreed in the consultation response document.

Co-creation principles

We are using the following principles to ensure effective industry engagement:

  • Focused: we have formed carefully targeted working groups to tackle a set of specific priority questions.
  • Representative: we have sought to ensure diverse representation of a range of current and potential future users of RTGS.
  • Transparent: we are communicating regularly with a wide group of industry stakeholders (including those who may not directly participate in the co-creation groups). We invite (but not require) wider input on a ‘little and often’ basis.
  • Accountable: we will publish the summary of the analysis and advice developed as part of co-creation engagement groups. We will invite wider industry scrutiny and views before we take decisions on new features.

Overview of co-creation groups

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This page was last updated 27 February 2024