RTGS Renewal Programme news

December 2019

ISO 20022 CHAPS migration: ‘Like-for-like’ message set and update

We have published the final ‘like-for-like’ message set for the Introductory Phase of the ISO 20022 CHAPS migration. This documentation also contains additional information on our migration approach, including updates on the use of enhanced data messages, testing and work to ensure participant readiness.

We have published a separate update to explain the impact of these changes on other RTGS account holders.

• ISO 20022 CHAPS migration: information for Direct Participants (PDF)
• Information for RTGS account holders on transitioning to ISO 20022 messaging (PDF)
• Collaboration between Pay.UK and the Bank of England on ISO 20022 payment messages (PDF)

August 2019

The Bank of England responds to BEIS on the Corporate Transparency and Register Reform Consultation

Our response focussed on how the use of Legal Entity Identifiers (LEI) may provide a solution for the Department for Business, Energy and Industrial Strategy (BEIS). In turn, this could have benefits for the real economy. This comes as part of the Bank’s  effort to champion the LEI as a globally recognised and unique identifier for all businesses in the UK.

• The Bank of England responds to BEIS on the Corporate Transparency and Register Reform Consultation (pdf)

June 2019

Invitation to Participate issued to shortlisted suppliers

In February 2019 we issued our procurement notice and Supplier Qualification (SQ), we have now shortlisted bidders and issued the Invitation to Participate.

March 2019

First phase of Supplier Qualification (SQ) completed

With the deadline for expressions of interest now passed, we are assessing potential bidders against a number of pre-agreed criteria.

February 2019

The Standards Advisory Panel (SAP) held its first meeting

Terms of Reference (PDF)

Minutes from the first meeting on 11 February

February 2019

Procurement for a Technology Delivery Partner commenced 

The Bank published a contract notice in the Official Journal of the European Union (OJEU) inviting potential providers to express their interest. The chosen Technology Delivery Partner will be announced in Summer 2020.

November 2018

Start of the Design, Enable and Procure phase of the Programme

November 2018

ISO 20022 consultation response

• Consultation Response: A Global Standard to Modernise UK Payments, ISO 20022

November 2018

Standards Advisory Panel Call for Interest

The Bank in conjunction with Pay.UK is creating a new Panel to advise on Payment Standards for the UK.

• Press release

August 2018

Synchronisation Call for interest

The Bank is looking to explore the demand for introducing synchronised settlement to the renewed Real-Time Gross Settlement (RTGS) service.

• Synchronisation Call for interest (pdf)

July 2018

Proof of Concept

The Bank has completed a Proof of Concept (PoC) to understand how a renewed RTGS service could be capable of supporting settlement in systems operating on innovative payment technologies.

• Proof of Concept (pdf)

June 2018

ISO 20022

Publication of ISO 20022 consultation

April 2018

Non-bank PSP

The first non-bank payment service provider (PSP) joined a UK payment system settling in central bank money.

November 2017

Delivery of CHAPS

One of the earliest deliverables of the RTGS renewal programme was the move to a direct delivery model for CHAPS.

July 2017 External Advisory Body

External Advisory Body

External Advisory Body is set up to support an ongoing and effective dialogue between the Bank and its stakeholders during the renewal Programme.

May 2017

Blueprint published

A Blueprint for a new RTGS Service for the United Kingdom is published. 

January 2016

Start of RTGS Renewal Programme

The Bank of England announces it will develop a blueprint to modernise the UK’s sterling settlement infrastructure to respond to changing needs.