Background
The Bank of England’s (the Bank) Real-Time Gross Settlement (RTGS) system is part of the critical national infrastructure underpinning payment services and transactions in the UK. It provides settlement services for banks, building societies, payment service providers and other financial providers, processing around £750 billion worth of transactions a day.
In 2017, the Bank published its blueprint for a renewed service, designed to respond to developments such as the establishment of new banks and payment providers and new payment technologies. The introduction of the new system is scheduled for Spring 2025.
Scope
The study will examine whether the Bank has managed the RTGS renewal programme effectively and efficiently to achieve a new system resilient to future developments and risks, and to identify wider lessons for the Bank. It will look at whether:
- the Bank developed a clear vision and strategy, with effective governance, accountability and decision-making arrangements, for the RTGS renewal programme
- the Bank’s management of the RTGS renewal programme was effective, efficient and sufficiently adaptable to change
- the Bank is applying learning from the renewal programme to future development of the RTGS, as well as its wider digital transformation
NAO team
Director: Simon Reason
Senior Audit Manager: Natalie Low