RTGS Renewal Programme

The RTGS Renewal Programme will deliver the next generation of our real-time gross settlement (RTGS) service.

Overview

The Real-Time Gross Settlement (RTGS) service is the infrastructure that holds accounts for banks, building societies and other institutions. The balances in these accounts can be used to move money in real time between these account holders, this delivers final and risk-free settlement. The Governor describes the RTGS service as ‘the backbone of every payment in the UK’. A programme of work has been established to deliver a renewed Real-Time Gross Settlement (RTGS) service. As set out in the blueprint, as well as replicating the functionality provided today, the new RTGS service will deliver a range of new features and capabilities for payments and settlements between financial institutions.

Renewing the service 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.

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

In December 2018, the RTGS Renewal Committee was set up to govern the RTGS Renewal Programme.

Our vision

Our vision is to develop an RTGS service which is fit for the future, increasing resilience and access, and offering wider interoperability, improved user functionality and strengthened end-to-end risk management of the UK’s High Value Payment System.

RTGS renewal programme - our vision

Programme timeline 

Our indicative timeline is outlined below; this will be refined as the Programme develops. The RTGS Renewal Programme is one of many domestic, European and global changes affecting the payment industry and this complex change landscape will be factored into Programme planning. 

PDFDownload the Indicative Programme Plan

PDFDownload the High Level Indicative Programme Plan

Indicative timeline

Current priorities

The current phase of the RTGS Renewal Programme, “Design, Enable and Procure (DEP),” will see us run a procurement to appoint a partner to assist with developing the renewed RTGS Service. Procurement remains on track, the Invitation to Participate Stage completed in June 2019 as planned. Alongside the procurement, we will undertake more detailed work to design the new service and prepare for transition. Where possible, we will deliver early benefits and improvements. If you have any questions on the RTGS Renewal Programme, please contact RTGSengagement@bankofengland.co.uk.

This page was last updated 25 July 2019
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