On 14 February 2023, the Bank of England (BoE) published a Consultation Response Paper on the roadmap for the Real Time Gross Settlement (RTGS) service beyond 2024.
In April 2022, the BoE issued a consultation on the roadmap for the RTGS service beyond 2024. The consultation marked an important milestone in shaping the long-term vision and roadmap for the RGTS and realising the significant benefits that the new core settlement engine will provide. In addition to being very resilient, the new core settlement engine has been designed to be modular and flexible, which will allow the BoE to introduce enhancements more quickly and easily to meet the changing needs of the industry.
This Consultation Response Paper summarises the industry feedback received to the April consultation and sets out the BoE’s way forward for leveraging their investment in a modern and flexible RTGS service to meet the evolving needs of the UK payments industry beyond 2024.
Respondents strongly welcomed the opportunity to provide early input in designing the Roadmap. Overall, they agreed that the BoE considered the right features for RTGS beyond 2024. Respondents acknowledged the benefits that the features could bring to their organisations and the wider industry.
Furthermore, respondents emphasised the need for the BoE to continue to work collaboratively with the industry to create detailed propositions to enhance RTGS. The BoE will respond by launching a phase of industry co-creation: establishing forums to enable stakeholders to input into high-level design of the features and inform their cost-benefits analysis. The forums will also provide input to the potential timing and sequencing of delivering priority features. Over time, these forums will also advise on any additional features that could be added to the Roadmap as the BoE continues to support the evolving landscape.
Following the publication of the Consultation Response Paper, the BoE will develop and publish a plan for the industry co-creation work on priority features. The BoE plan to start co-creation in 2023 Q2.