On 27 March 2025, the National Audit Office (NAO) published a webpage outlining its study of the Bank of England’s (BoE) Real-Time Gross Settlement (RTGS) renewal program, scheduled for winter 2025/26.

The webpage notes that the RTGS is part of the critical national infrastructure underpinning payment services and transactions in the UK, and that the BoE is due to introduce its renewed RTGS service in spring 2025.

The NAO’s study will examine whether the BoE has managed the RTGS renewal programme effectively and efficiently to achieve a new system resilient to future developments and risks, and to identify wider lessons for the BoE. In particular, the NAO will consider whether:

• The BoE developed a clear vision and strategy, with effective governance, accountability and decision-making arrangements, for the RTGS renewal programme.
• The BoE’s management of the RTGS renewal programme was effective, efficient and sufficiently adaptable to change.
• The BoE is applying learning from the renewal programme to future development of the RTGS, as well as its wider digital transformation.