Rtgs Bank Of England

2020 bank of england.

Rtgs bank of england. Boe is also using iso 20022 as its electronic data interchange standard. This model is currently only used by chaps. In subsequent press releases boe admitted that that dismissal of a dlt based system done two years ago needs a rethink. Direct access to the faster payments service means modulr fs limited frn 900573 our regulated entity is technically connected into the faster payments service fps and holds an account in the bank of england s real time gross settlement rtgs system so it can settle directly with other participants.

The rtgs timeline extends into 2025 the decision follows a public procurement process which started in february 2019. This is the basis of a real time gross settlement system. The balances in these accounts can be used to move money in real time between these account holders. Chaps is a sterling same day system that is used to settle high value wholesale payments as well as time critical lower value payments like buying or paying a deposit on a property.

The bank of england boe has appointed accenture as a partner for the real time gross settlement rtgs service renewal programme. I look forward to working with accenture and with the industry to develop and deliver a system that is fit for the future supporting continued innovation in uk and global payments. Hooks into dlt based systems are planned. The real time gross settlement rtgs service is the infrastructure that holds accounts for banks building societies and other institutions.

This is a key milestone in our ambitious and exciting programme to renew rtgs. An rtgs system is generally used for large value interbank funds transfers operated and organized by a country s central bank. In this role accenture will be the technology delivery partner for the rtgs renewal programme working with the bank of england to deliver this critical national payments infrastructure. Accenture has been chosen as the technology delivery partner to coordinate the replacement of the bank of england s 24 year old real time gross settlement rtgs system.

The central bank of great britain is updating the rtgs payment and settlement system so that in the future it can support the operation of the state cryptocurrency in the event of its release. Bank of england banking payments and innovation executive director victoria cleland said. Responsibility for the chaps system transferred to the bank of england in november 2017.