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The Bank emphasised the importance of clarity of its vision from the outset, identifying resilience,...
Conclusion
The Bank emphasised the importance of clarity of its vision from the outset, identifying resilience, competition and innovation as core early objectives. Following industry consultation, the Bank published a blueprint for the new RTGS in 2017, setting out five priority areas: higher resilience, broader access, wider interoperability, improved user functionality and strengthened end-to-end risk management of CHAPS. The Bank told us that the five blueprint priority areas provided a “golden thread” through the programme, shaping requirements and design decisions, with an end goal of “not just going live, but staying live”.22 The Bank said it identified nearly 2,000 functional and non-functional requirements for the new system which acted as a “north star” to help guide it through the process.23
Government Response
A response document is linked to this report. Response attribution to this conclusion has not been verified. Read the response document.
Source
Committee
Public Accounts Committee
Report
78th Report - The Bank of England’s Real-Time Gross Settlement Renewal Programme
29 Apr 2026
HC 1732
Addressee Bodies
HM Treasury
Timeline
Recommendation age
0.4 yrs
Report published
29 Apr 2026