Industry engagement

We have set up industry groups to gather views on aspects of the RTGS Renewal Programme. These groups include experienced stakeholders representing different communities in the payment sector.

Overview

We have established a set of industry groups to gather views on aspects of the RTGS Renewal Programme. Representatives from different sections of the payments industry form the membership of these groups. We are committed to an ongoing programme of engagement with industry as part of the RTGS Renewal Programme. 

Ensuring that the renewed service meets the needs of the Bank and the payments industry means engaging with existing RTGS participants and a growing community of potential participants. Rebuilding RTGS provides a unique opportunity to ensure the service can support new functionality which can be used by payment firms that exist now and those launched in the future.

External Advisory Body

We have established the External Advisory Body to provide advice on implementing the renewed RTGS service. The body represents a broad range of interests, from current RTGS members, prospective members, Pay.UK, Payment System Regulator (PSR) and trade bodies. Members of the body provide a cross-section of views on the Programme and where appropriate challenge plans.

The first meeting of the advisory body was held in July 2017.

PDFTerms of reference: External Advisory Body

Minutes of the External Advisory Body

Transition Working Group

The Transition Working Group’s (TWG) main objective is to provide input on the Bank’s approach for introducing the new RTGS service. This includes priority areas for migration to the renewed RTGS service, how migration to the new service may impact on day-to-day operations, planning periods required, and constraints. We will be evaluating the Working Group’s future programme for 2019 as part of our ongoing plans.

PDFTerms of reference: Transition Working Group

Minutes of the Transition Working Group

Standards Advisory Panel

In June 2018 the Bank, in collaboration with Pay.UK and the Payment Systems Regulator (PSR), published a consultation on the adoption of ISO 20022 in the UK. This consultation proposed the creation of a Standards Advisory Panel to support the Bank and Pay.UK in the implementation of payment standards by providing expertise on industry preferences and implications. An immediate focus will be ISO 20022, but the Panel will also advise on other new payments standards for the UK, such as those for financial APIs.

PDFTerms of Reference Standards Advisory Panel

Minutes of the Standards Advisory Panel

PDFForward Agenda Standards Advisory Panel

RTGS Renewal Committee

The RTGS Renewal Committee (a sub-committee of Court) governs the RTGS Renewal Programme. The Committee is comprised of two Court non-executive members, two RTGS/CHAPS Board independent members, the Bank’s Chief Operating Officer and the Deputy Governor for Markets and Banking. It is responsible for overseeing the delivery, overall scope and financial management of the RTGS Renewal Programme. Its responsibilities are set out in the Matters Reserved to Court document.

The Renewal Committee works closely with the RTGS/CHAPS Board which provides strategic leadership for RTGS and CHAPS. While the RTGS Renewal Committee is responsible for the delivery of RTGS Renewal, the RTGS/CHAPS Board is responsible for strategic decisions to manage the impact and risk to the live RTGS and CHAPS services from the Renewal Programme including ensuring all participants are ready to transition to the new RTGS service. The Board and the RTGS Renewal Committee are jointly responsible for the key decisions to transition to the new RTGS service. Information flows and consultation requirements are in place between RRC and Board on matters that would impact the others’ responsibilities.

The Bank’s RTGS Renewal Programme includes a significant engagement programme with key stakeholders, including through the External Advisory Body.

Workshops

The RTGS Programme has held a number of workshops to gain input from a wider set of stakeholders on specific topics. 

There will be future opportunities to provide input which will be posted on our news and events page.

Workshop minutes

Completed 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. As part of this the Programme set up two ISO 20022 Working Groups. 

  • The Data Working Group advised on potential enhancements to payments messages, taking advantage of the ISO 20022 standard data carrying capabilities.
  • The Interoperability Working Group provided 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 Payments Systems, also implementing ISO 20022.

The reading packs and minutes for these meetings can be found in the links below. 

The ISO 20022 groups have now concluded, however, we welcome feedback and input on our progress which can be directed to ISO20022@bankofengland.co.uk 

The Programme will be looking to form a new governance structure for the ISO 20022 workstream. Future opportunities to provide input will be posted on our news and events page.  

PDFTerms of reference: Data Working Group

PDFTerms of reference: Interoperability Working Group

A new messaging standard for UK payments: ISO 20022

This page was last updated 31 October 2019
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