We are delighted to announce that we have appointed Accenture as Technology Delivery Partner for the RTGS Renewal Programme.
We will be hosting our second Industry Event of the year on 12 October 2020 for senior members of the payments industry.
Register your interest and find out more.
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As part of their regular speaking engagements, senior representatives of the Bank of England have been spreading the message about RTGS Renewal. Please click on the following links to read a selection of these speeches in full.
Accenture appointed as Technology Delivery Partner for the Programme.
This follows a public procurement process which commenced in February 2019.
We published an Industry Review of the CHAPS enhanced ISO 20022 messages to seek detailed feedback on the near-final enhanced ISO 20022 message schema and our work so far to progress the policy objectives that will be delivered via ISO 20022 messaging such as Legal Entity Identifiers and Purpose Codes. We are currently reviewing feedback and will publish the final enhanced messages in September 2020.
The Programme has set-up industry working groups for CHAPS Direct Participants to support industry readiness work. These groups bring together expertise from the industry to better understand risk management, testing and business or technical change. The groups will continue to meet on a quarterly basis throughout 2020.
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.
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 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.
One of the earliest deliverables of the RTGS renewal programme was the move to a direct delivery model for CHAPS.
External Advisory Body is set up to support an ongoing and effective dialogue between the Bank and its stakeholders during the renewal Programme.
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Latest round-up: July 2020