78th Report - The Bank of England’s Real-Time Gross Settlement Renewal Programme
Select Committee
Public Accounts Committee
HC 1732
29 April 2026
No response data available yet.
Government response
Treasury Minutes: Government response - 78th Report - The Bank of England’s Real-Time Gross Settlement Renewal Programme
Recommendations & Conclusions
28 results
1
Conclusion
The Bank developed strong business leadership for the RTGS transformation programme, drawing effectively on non-executive...
Conclusion
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 …
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2
Conclusion
The Bank invested time and effort up-front to identify clear scope and objectives for the...
Conclusion
The Bank invested time and effort up-front to identify clear scope and objectives for the new RTGS, engaging effectively with internal and external stakeholders. From 2016 to 2018, the Bank invested significant time and resources in planning, analysis and design, …
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3
Conclusion
The programme’s procurement approach allowed the Bank to access a breadth of technical expertise to...
Conclusion
The programme’s procurement approach allowed the Bank to access a breadth of technical expertise to refine the design for the new RTGS. Following market engagement, the Bank used a ‘competitive dialogue’ procurement process which allowed potential bidders to develop their …
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4
Conclusion
The Bank took the strategic opportunity to move the RTGS to a new technology structure...
Conclusion
The Bank took the strategic opportunity to move the RTGS to a new technology structure which better supports innovation, rather than patch up the existing legacy system. The Bank made an early strategic decision to move away from its old, …
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5
Conclusion
The Bank adopted good practice programme management, adapting its approach for different stages and implementation...
Conclusion
The Bank adopted good practice programme management, adapting its approach for different stages and implementation challenges. To reduce delivery risk, implementation was organised as a sequence of ‘transition’ states, each capable of delivering benefits and operating independently in the longer …
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6
Conclusion
The Bank created an open ‘no surprises’ culture within the programme, with strong collaboration between...
Conclusion
The Bank created an open ‘no surprises’ culture within the programme, with strong collaboration between business, technology and external specialists. The Bank acknowledges that it is traditionally a hierarchical organisation. For the RTGS modernisation programme, it set a clear tone …
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7
Conclusion
To secure the anticipated benefits from the new system, the Bank must make good on...
Conclusion
To secure the anticipated benefits from the new system, the Bank must make good on its plans for maintenance and further enhancement of the RTGS. Delivering long-term value from the new RTGS depends on the Bank’s ability to sustain and …
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8
Recommendation
It is important that the Bank implements the recommendations in the C&AG’s Report to maximise...
Recommendation
It is important that the Bank implements the recommendations in the C&AG’s Report to maximise potential benefits from the new RTGS. However, wider government has an opportunity to learn from the Bank’s successful implementation of this programme, and we therefore …
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9
Conclusion
The Deputy Governor noted that he had limited prior experience in technology projects, so it...
Conclusion
The Deputy Governor noted that he had limited prior experience in technology projects, so it was essential to create “a team of people who knew what they were doing”.17 One early decision on the programme was to work in partnership …
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10
Conclusion
The Bank invested significant planning time and effort upfront to set out the detailed requirements...
Conclusion
The Bank invested significant planning time and effort upfront to set out the detailed requirements for the new system before moving to design and implementation, which helped it avoid issues that we have seen cause problems in other public sector …
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11
Conclusion
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 …
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12
Conclusion
The Bank felt that getting the requirements was key to the programme, although spending several...
Conclusion
The Bank felt that getting the requirements was key to the programme, although spending several months on this stage at times seemed “a little daunting”.24 The Bank told us that this up-front investment enabled it to start procurement with “a …
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13
Conclusion
Following market engagement to identify sufficient suitable providers, the Bank chose a ‘competitive dialogue’ procurement...
Conclusion
Following market engagement to identify sufficient suitable providers, the Bank chose a ‘competitive dialogue’ procurement process, where potential bidders developed their design proposals in consultation with the Bank. The Bank saw the procurement as a “foundational phase” that allowed it …
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14
Conclusion
The Bank did not find that current procurement legislation and rules constrained its approach.
Conclusion
The Bank did not find that current procurement legislation and rules constrained its approach. The programme had a dedicated procurement team that helped ensure a compliant and fair process. To help manage security considerations, the Bank also worked with the …
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15
Conclusion
Following procurement, the Bank awarded a fixed-price contract to Accenture.
Conclusion
Following procurement, the Bank awarded a fixed-price contract to Accenture. This covered both the design, build and testing of the core RTGS settlement and ledger components, and oversight of the end-to- end systems integration (that is, ensuring the core components …
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16
Conclusion
The Bank made an early strategic decision to move away from its legacy system for...
Conclusion
The Bank made an early strategic decision to move away from its legacy system for the RTGS and use a new technology approach, one of the first central banks to do so.34 The Bank explained that although the legacy system …
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17
Conclusion
The modernisation programme incorporated a major upgrade and move to new payment messaging standards for...
Conclusion
The modernisation programme incorporated a major upgrade and move to new payment messaging standards for CHAPS and the RTGS, the so-called ISO 20022 standards.36 The Bank explained that moving to the new messaging standards improves interoperability with other national and …
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18
Conclusion
The Bank told us that the RTGS programme reinforced the importance of investing in new...
Conclusion
The Bank told us that the RTGS programme reinforced the importance of investing in new technology at the right time and that it could not “keep pushing the investment to the right” without increasing the risk of obsolescence or making …
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19
Conclusion
To identify and manage risks, the programme team and the Bank’s risk directorate provided internal...
Conclusion
To identify and manage risks, the programme team and the Bank’s risk directorate provided internal assurance and audit while external specialists offered additional challenge on project management and technical aspects of the programme. As the programme was high-priority, the Bank …
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20
Conclusion
We asked about the Bank’s decision to adapt the programme governance arrangements as it moved...
Conclusion
We asked about the Bank’s decision to adapt the programme governance arrangements as it moved from planning into delivery, which the Bank explained was driven by “learning by doing”.42 Initial programme oversight was through the NED-led RTGS Renewal Committee (RRC), …
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21
Conclusion
The Bank explained more about the four major ‘replans’ of the programme, which each involved...
Conclusion
The Bank explained more about the four major ‘replans’ of the programme, which each involved a review of programme scope, timelines and costs, noting that “doing a replan can be a brave decision”.44 Each came in response to very different …
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22
Conclusion
The Bank acknowledged that it is traditionally a hierarchical organisation.
Conclusion
The Bank acknowledged that it is traditionally a hierarchical organisation. For the programme, it was keen to encourage an open ‘no-surprises’ culture.46 It put in place a number of mechanisms to support such a culture, including a behaviour manifesto setting …
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23
Conclusion
The Bank explained how programme culture “started from the very top” with senior leaders modelling...
Conclusion
The Bank explained how programme culture “started from the very top” with senior leaders modelling the behaviours they expected from the programme team.49 For example, despite not having a direct operational role, leaders attended weekend dress rehearsals ahead of the …
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24
Conclusion
The Bank emphasised that “the one-team approach was absolutely key [ … ] with Accenture...
Conclusion
The Bank emphasised that “the one-team approach was absolutely key [ … ] with Accenture and technology, but also [ … ] the [RTGS] operators”. It saw co-locating business and technology specialists with Accenture staff as vital to break down …
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25
Conclusion
The Bank took an early decision that, to support system security and long-term resilience, it...
Conclusion
The Bank took an early decision that, to support system security and long-term resilience, it would run, maintain and update the new RTGS itself, once live. It also owns the intellectual property for the new system. The Bank highlighted that …
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26
Conclusion
The new RTGS provides a foundation for future development, but the NAO report has stressed...
Conclusion
The new RTGS provides a foundation for future development, but the NAO report has stressed how the Bank’s focus must now be on maintaining and enhancing the system to maximise benefits going forward.56 The Bank told us that the new …
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27
Conclusion
The Bank is working with industry to deliver a set of priority enhancements including extended...
Conclusion
The Bank is working with industry to deliver a set of priority enhancements including extended operating hours, synchronisation (a functionality that allows payment systems to coordinate the movement of funds with the exchange of assets on other systems), and the …
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28
Conclusion
The Bank told us that it will continue adapting RTGS to respond to developments in...
Conclusion
The Bank told us that it will continue adapting RTGS to respond to developments in the wider payments landscape, to provide both the infrastructure and the technological platform to support innovation. It explained that payment technologies and settlement models are …
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