This follows a public procurement process which commenced in February 2019. The Bank of England will work with Accenture to develop and build this new world class payments service.

RTGS is a critical piece of national infrastructure and the backbone of UK payments. It settles an average of £685billlion each working day.  Following extensive industry engagement, the vision for the renewed RTGS service is to increase resilience and access, offer wider interoperability, improve user functionality and strengthen the end-to-end risk management of the UK high value payment system.  The renewed system will start to be delivered in 2022.

Victoria Cleland, Executive Director for Banking, Payments and Innovation at the Bank of England said: “This is a key milestone in our ambitious and exciting Programme to renew RTGS.  I look forward to working with Accenture, and with the industry, to develop and deliver a system that is fit for the future, supporting continued innovation in UK and global payments.

“The Renewal Programme is a key priority not just for the Bank but also the wider UK payments industry.  It will support a resilient financial system that protects the UK’s financial and monetary stability in the years to come.  The renewed RTGS service will be designed not only to benefit everyone in the country who makes payments, but to keep the UK at the leading edge of payments innovation.”