On 27 March 2018, the Bank of England (BoE) published a proof of concept to understand how a renewed Real Time Gross Settlement (RTGS) service could be capable of supporting settlement in systems operating on innovative payment technologies, such as those build on distributed ledger technology.

The BoE expects to publish a summary of findings from the proof of concepts later in 2018. This will set out any enhancements to the settlement functionality offered in the renewed RTGS service to accommodate payment systems using innovative technologies. It will also set out any further work that needs to be undertaken in order to identify ways in which the renewed RTGS service functionality could be expanded.