RTGS renewal programme

The RTGS renewal programme will deliver the next generation of our real-time gross settlement (RTGS) service.
A Programme has been established to deliver a renewed RTGS Service.  The new RTGS service 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 to the UK economy.

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

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.

Direct Delivery of CHAPS

One of the earliest changes under the RTGS renewal programme was the move to a direct delivery model for CHAPS in November 2017.

External advisory body: RTGS renewal programme

One of the commitments we made in the RTGS blueprint was to set up an external advisory body to advise us on implementing the renewed service. We have now established the advisory body, which represents 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 our 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 industry’s implementation plans.
  • 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 2017.

PDF Terms of reference: external advisory body

Minutes of the RTGS renewal programme external advisory body

ISO 20022 working groups

As part of the RTGS renewal programme, the Bank will implement ISO 20022 compliant messaging standards in the High Value Payment System. The Bank will adopt the following objectives in designing the new messaging standard: 

a. Support broader UK public policy goals by enabling the transportation of richer payments data, thereby:

i. Improving macroeconomic data analysis
ii. Improving industry’s ability to meet their compliance responsibilities, such as AML/KYC

b. Implement an interoperable and harmonised messaging standard, thus:

i. Enhancing system resilience by removing a barrier to the redirection of payment traffic between domestic payment systems
ii. Creating the potential for bank efficiency gains in the cross-border payments industry via harmonised international messaging standards

c. Support the development of innovative new technologies and systems by improving the structure and quality of the data carried within payment messages

d. Facilitate the delivery of a better end-user experience by providing the capacity at the centre to support more functionality and efficiency in end-to-end processes

The Bank has established two Working Groups focused on ISO 20022, comprising representatives from across the payments industry. These groups will advise the policy decisions that must be taken in relation to the new messaging standard.

  • The Data Working Group will advise on potential enhancements to payments messages, taking advantage of the ISO 20022 standard data carrying capabilities.
  • The Interoperability Working Group provides industry experience and technical advice regarding the design of the new standard, seeking to enhance interoperability with the UK retail schemes, and harmonise with international high value systems, also implementing ISO 20022.

The first Data Working Group met in October and the first Interoperability Group met in November. The reading packs and minutes for these meetings can be found in the links below. 

At this time, membership of the groups has been determined, but the Bank welcomes feedback and input on our progress which can be directed to ISO20022@BankofEngland.co.uk

Interoperability Working Group

PDF Terms of reference - Interoperability Working Group

PDFReading Pack for First Interoperability Working Group

PDFReading Pack for Second Interoperability Working Group

PDFRecord of Second Interoperability Working Group

Data Working Group

PDF Terms of reference - Data Working Group

PDFReading Pack for Second Data Working Group

PDFReading Pack for Third Data Working Group

PDFRecord of meeting of the Third Data Working Group

Transition Working Group

The Transition Working Group (TWG) main objective is to input on transition topics including priority areas for migration, extent of operational impact of migration, planning periods required, and constraints. The Bank will issue a questionnaire to firms in January to get their views regarding transition. The working group help shape the questionnaire, as well as discuss the results and input into a summary of findings that will be used to inform the transition state planning. The group will input and support the development of the Bank’s phasing strategy.

The first meeting was held on 8 December 2017

PDFTerms of reference - Transition Working Group

Minutes of the RTGS renewal programme transition working group

Round up

The RTGS Programme Team send out a bi-monthly newsletter, if you would like to be would like to be added to the mailing list, please email rtgsengagement@bankofengland.co.uk.

PDF RTGS renewal programme round-up - January 2018

PDFRTGS renewal programme round-up - November 2017

This page was last updated 19 February 2018
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