UK Inquiry Tracker

The Bank of England’s Real-Time Gross Settlement Renewal Programme

Public Accounts Committee Open Inquiry

Opened: 12 Dec 2025 Parliament page

The Bank of England (BoE) operates the Real-Time Gross Settlement system (RTGS) underpins UK payment systems including BACS and Visa. It enables high-value sterling payment transfers between financial institutions, processing around £750bn a day. As part of its response to developments such as the establishment of new banks, payment providers, … Read more The Bank of England (BoE) operates the Real-Time Gross Settlement system (RTGS) underpins UK payment systems including BACS and Visa. It enables high-value sterling payment transfers between financial institutions, processing around £750bn a day. As part of its response to developments such as the establishment of new banks, payment providers, and payment technologies, the BoE laid out in 2017 how it would be updating the service with the Real-Time Gross Settlement Renewal Programme (RTSRP). The RTGS is critical national infrastructure, and the Public Accounts Committee (PAC) has a longstanding interest in scrutinising resilience in key national systems, and will be exploring how the BoE will take lessons from the RTSRP as part of its broader modernisation ambitions. It first examined the operations of the BoE in 2019 as part of its inquiry into BoE central services , which found that the Bank lacked a clear vision of the significant changes needed to modernise its ways of working. The National Audit Office (NAO) in 2025 publishes its study on whether the Bank has managed the RTSRP effectively and efficiently. Proceeding from the NAO’s report, the PAC will take evidence from senior BoE figures on topics including the Bank’s vision and strategy in relation to the RTSRP, and its wider digital transformation plans. If you have evidence on these issues, please submit here by 23:59 on Monday 16 February 2026 . Please look at the requirements for written evidence submissions and note that the Committee cannot accept material as evidence that is published elsewhere. The Committee decides what information to publish and how. You can request anonymity or confidentiality when you send evidence, but it is for the Committee to say whether it will agree.It may treat submissions confidentially, even where you have not requested this. Please note that the Committee’s inquiry cannot assist with individual cases. If you need help with an individual problem you are having, you may wish to read the information on Parliament’s website about who you can contact with different issues. Show less

1 Recommendation

27 Conclusions

1 Report

1 Oral session

2 Letters

1 Event

Activity timeline 4 events

6 Jul
2026

Correspondence

Letter from the Deputy Governor, Markets & Banking at the Bank of England relating to Response: Committee of Public Accounts Report - The B…

14 May
2026

Correspondence

Letter from the Chief Cashier and Senior Advisor to the Governors at the Bank of England relating to follow-up to the evidence session, 27 …

29 Apr
2026

Report published

78th Report - The Bank of England’s Real-Time Gross Settlement Renewal Programme

2 Mar
2026

Oral evidence

Oral evidence session

Oral evidence sessions 1 session

2 Mar 2026

View on parliament.uk

Dave Ramsden · Bank of England Nathan Monk · Bank of England Victoria Cleland · Bank of England

Reports 1 report · click to expand

Title	HC No.	Published	Items	Response
78th Report - The Bank of England’s Real-Time Gross Settlement …	HC 1732	29 Apr 2026	28	Response document linked

Recommendations & Conclusions

28 results

1 Conclusion

78th Report - The Bank of England…

The Bank developed strong business leadership for the RTGS transformation programme, drawing effectively on non-executive...

The Bank developed strong business leadership for the RTGS transformation programme, drawing effectively on non-executive expertise. The programme’s initial governance was led by non-executive directors (NEDs) with a track record in digital payments and commercial expertise. Through the Bank’s board … Read more

HM Treasury

The Bank of England’s Real-Time Gross Settlement Renewal Programme

Activity timeline 4 events

Oral evidence sessions 1 session

Reports 1 report · click to expand

Recommendations & Conclusions

The Bank developed strong business leadership for the RTGS transformation programme, drawing effectively on non-executive...

The Bank invested time and effort up-front to identify clear scope and objectives for the...

The programme’s procurement approach allowed the Bank to access a breadth of technical expertise to...

The Bank took the strategic opportunity to move the RTGS to a new technology structure...

The Bank adopted good practice programme management, adapting its approach for different stages and implementation...

The Bank created an open ‘no surprises’ culture within the programme, with strong collaboration between...

To secure the anticipated benefits from the new system, the Bank must make good on...

It is important that the Bank implements the recommendations in the C&AG’s Report to maximise...

The Deputy Governor noted that he had limited prior experience in technology projects, so it...

The Bank invested significant planning time and effort upfront to set out the detailed requirements...

The Bank emphasised the importance of clarity of its vision from the outset, identifying resilience,...

The Bank felt that getting the requirements was key to the programme, although spending several...

Following market engagement to identify sufficient suitable providers, the Bank chose a ‘competitive dialogue’ procurement...

The Bank did not find that current procurement legislation and rules constrained its approach.

Following procurement, the Bank awarded a fixed-price contract to Accenture.

The Bank made an early strategic decision to move away from its legacy system for...

The modernisation programme incorporated a major upgrade and move to new payment messaging standards for...

The Bank told us that the RTGS programme reinforced the importance of investing in new...

To identify and manage risks, the programme team and the Bank’s risk directorate provided internal...

We asked about the Bank’s decision to adapt the programme governance arrangements as it moved...

The Bank explained more about the four major ‘replans’ of the programme, which each involved...

The Bank acknowledged that it is traditionally a hierarchical organisation.

The Bank explained how programme culture “started from the very top” with senior leaders modelling...

The Bank emphasised that “the one-team approach was absolutely key [ … ] with Accenture...

The Bank took an early decision that, to support system security and long-term resilience, it...

The new RTGS provides a foundation for future development, but the NAO report has stressed...

The Bank is working with industry to deliver a set of priority enhancements including extended...

The Bank told us that it will continue adapting RTGS to respond to developments in...

Correspondence 2 letters