On 12 December 2025, the National Audit Office (NAO) released a report which examined how the Bank of England (BoE) managed the Real-Time Gross Settlement (RTGS) renewal programme to achieve a new system resilient to future developments and risks.

Background

In 2016, the BoE established the RTGS renewal programme (the programme). In April 2025, it successfully launched the new system. The NAO’s report examines whether the BoE managed the programme effectively and efficiently to achieve a new system resilient to future developments and risks, and whether it has identified wider learning from the programme.

Findings and recommendations

Overall, the NAO found the BoE’s management of the programme demonstrated value for money, and good practice in digital transformation, offering lessons for other government projects and the BoE’s wider project management.

The NAO sets out certain recommendations to help the BoE maximise the benefits from its management of the renewal programme and implementation of the new RTGS.  The report provides that the BoE should:

• Identify mechanisms for applying lessons from the programme to its other digital and business transformation projects to secure change, for example updating internal guidance or review processes.
• Set out clear plans for ensuring the right investment and resourcing at the right time to keep the system up to date (including for wider BoE services that the
• RTGS relies on).
• As it manages a more dynamic process of RTGS change, ensure it understands the impact of higher levels of change on all RTGS users, to minimise this where possible.
• Assess and, where possible, evaluate the effectiveness of potential interventions in widening access and reducing barriers to entry to the RTGS, including the introduction of alternative access routes to Swift, to ensure it puts the optimum mix in place.