The Bank of England (BoE) has published an update on its plans to develop a blueprint for a new real time gross settlement system (RTGS).

The update notes that on 17 June 2016 the Governor of the BoE announced that the BoE intends, over time, to extend direct access to RTGS to non-bank Payment Service Providers (firms granted the status of E-Money Institutions or Payment Institutions in the UK), collectively known as PSPs. By extending RTGS access, the BoE believes that it will increase competition and innovation in the market for payment services.

The BoE intends to issue a formal consultation on the future RTGS system in the autumn. Current plans are for the consultation period to run from September to November 2016 and publish the blueprint in early 2017.

View Bank of England progress update on blueprint for new RTGS system, 17 June 2016