Value for Money

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

Published 12 December 2025 4 recommendations Banks and financial servicesBusiness and industry nao.org.uk
The Bank of England successfully navigated complex risks to deliver its Real-Time Gross Settlement (RTGS) renewal programme.

Recommendations (4)

Source: NAO Recommendations Tracker · PAC follow-up below
Government Response Pending
The NAO has not yet recorded a response to these recommendations. NAO tracks whether departments are acting on its recommendations via its recommendations tracker. This report was published 12 December 2025.
Bank of England
Rec 1 Response Pending
To help maximise the benefits from its management of the renewal programme and implementation of the new RTGS, the Bank should: a)identify mechanisms for applying lessons from the programme to its other digital and business transformation projects to secure change, for example updating internal guidance or review processes;
Page 12, paragraph 25, point a, first bullet point
Bank of England
Rec 2 Response Pending
To help maximise the benefits from its management of the renewal programme and implementation of the new RTGS, the Bank should: c)as it manages a more dynamic process of RTGS change, ensure it understands the impact of higher levels of change on all RTGS users, to minimise this where possible; and
Page 12, paragraph 25, point c, third bullet point
Bank of England
Rec 3 Response Pending
To help maximise the benefits from its management of the renewal programme and implementation of the new RTGS, the Bank should: b) set out clear plans for ensuring the right investment and resourcing at the right time to keep the system up to date (including for wider Bank services that the RTGS relies on);
Page 12, paragraph 25, point b, second bullet point
Bank of England
Rec 4 Response Pending
To help maximise the benefits from its management of the renewal programme and implementation of the new RTGS, the Bank should: d) assess and, where possible, evaluate the effectiveness of potential interventions in widening access and reducing barriers to entry to the RTGS, including the introduction of alternative access routes to Swift, to ensure it puts the optimum mix in place.
Page 12, paragraph 25, point d, fourth bullet point

Parliamentary Committee Follow-Up

The Public Accounts Committee examined this NAO report and published its own recommendations. The government responds to PAC recommendations via Treasury Minutes.

78th Report - The Bank of England’s Real-Time Gross Settlement Renewal Programme
Public Accounts Committee · 29 April 2026
View PAC report & government responses parliament.uk