BoE has released two discussion papers on RTGS (Real-Time Gross Settlement) service operating hours and access policies. BoE aims for these papers to be the basis for further research and dialogue with the private sector.
Operating hours
BoE has outlined the initial findings from its assessment of the potential benefits and costs of extending RTGS and CHAPS operating hours. It is now seeking views from a wider group of stakeholders on the impacts of extending these operating hours and the implementation options available.
Access policies
BoE’s discussion paper on RTGS access policies focusses on 4 priorities that it is keen to receive feedback on:
- Enhancing the Bank/FCA process for consideration of NBPSPs seeking access to RTGS – BoE has outlined the strengthened assessment and ongoing compliance process for NBSPSs to better assess NBPSPs’ preparedness to satisfy the compliance and supervisory requirements for access to RTGS;
- Understanding the demand of foreign banks for access to RTGS to support payment system settlement;
- Clarifying requirements for FMIs to access RTGS, including the introduction of proportionate requirements and expectations for non-systemic FMIs; and
- Review of the CHAPS value threshold.
BoE is hosting an event on 23 February 2024 to discuss the content of the discussion papers.