Victoria Cleland – BoE Executive Director of Payments – has delivered a speech at the UK Finance Digital Innovation Summit on the success of the renewed Real Time Gross Settlement (RTGS) service, and ongoing innovation work by the BoE.
The updated RTGS programme introduced ISO 20022 messaging for CHAPS payments and, most recently, a renewed core ledger and settlement engine. Cleland noted that the changes have brought improved resilience, enhanced functionality and a strong platform for further innovation.
the programme has also delivered improved security, monitoring and incident recovery capabilities, interoperability and data quality, with broader access policies allowing more institutions to settle transactions directly in central bank money.