The UK’s National Audit Office (NAO) published a webpage with details of its study examining the Bank of England’s (BoE) Real-Time Gross Settlement (RTGS) renewal programme, which is set for completion in winter 2025/26. The study will assess whether the central bank has effectively and efficiently managed the overhaul of its core settlement system, ensuring it remains resilient to future risks and developments.
The RTGS system underpins the UK’s financial infrastructure, facilitating real-time, risk-free transactions between banks, building societies, and payment service providers. Processing approximately £750 billion daily, it plays a crucial role in maintaining financial stability. Recognising the need for modernisation, the BoE launched its RTGS renewal programme in 2017, with a new system set to go live in spring 2025.
The NAO’s review will examine key aspects of the programme, including whether the BoE has established a clear vision and strategy, implemented effective governance and decision-making processes, and managed the renewal efficiently while remaining adaptable to change. Additionally, the study will assess how the BoE is applying lessons from the renewal process to future RTGS developments and broader digital transformation initiatives.
