Committee publication · Correspondence · 6 July 2026
Letter from the Deputy Governor, Markets & Banking at the Bank of England relating to Response: Committee of Public Accounts Report - The Bank of England’s Real-Time Gross Settlement Renewal Programme, 30 June 2026
From: Public Accounts Committee
Inquiry: The Bank of England’s Real-Time Gross Settlement Renewal Programme
Summary
The Bank of England's Deputy Governor responds to the Public Accounts Committee's report on the RTGS Renewal Programme. The Bank welcomes the committee's findings and outlines actions taken in response: sharing lessons from the programme across government, extending settlement hours towards 24x7 operation, launching a Synchronisation Lab for payment innovation, and embedding delivery insights across its change portfolio.
Key findings
- Bank participated in NAO-hosted panel session in May 2026 sharing RTGS Renewal Programme lessons with government departments
- Bank is consulting on extending RTGS/CHAPS settlement hours towards near 24x7 settlement capability
- Synchronisation Lab opened to enable firms to test synchronised payment use cases, with live delivery targeted for 2028
- Bank applying RTGS delivery insights on governance, commercial management and technical delivery to other major programmes
- Enhanced system provides platform for innovation and competition, with focus on faster, cheaper cross-border payments
Tone
SupportiveTopics
Key actors
Dave Ramsden, Geoffrey Clifton-Brown, Victoria Cleland, Nathan Monk, Bank of England, Public Accounts Committee, National Audit Office
Notable line
“… strong platform for innovation and competition. We are committed to working with industry to realise these benefits.”
Key Quotes
“… the Bank of England Information Security Classification Scheme available …”
“Extended settlement hours will support new settlement models such as synchronisation and has the potential to support faster …”
“We are committed to working with industry to realise these benefits.”
Source · parliament.uk record ↗