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- The Bank has initiated a programme to renew the RTGS service to reflect changes in the payments landscape - including technological advances, regulatory demands, and changing user expectations of consumers and businesses.
www.ukfinance.org.uk/news-and-insight/blogs/renewal-high-value-payments-infrastructure-enabling-innovation-through-industry-engagementRenewal of the high value payments infrastructure - UK Finance
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What is the RTGS renewal programme?
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Will the renewed RTGS service deliver benefits beyond transition state 3?
On 19 June 2023, we migrated CHAPS payments to ISO 20022 messaging (Transition State 2.1 of the RTGS Renewal Programme). The introduction of the new RTGS core ledger and settlement engine (Transition State 3) will take place in Spring 2025.
- RTGS Career Opportunities
RTGS infrastructure settles over £720 billion a day, which...
- Functionality of the new RTGS service
The RTGS Renewal Programme aims to promote resilience and...
- Round up
RTGS Renewal Programme – Round Up . December 2018 . Our...
- RTGS Career Opportunities
Oct 18, 2024 · RTGS is currently being renewed, with industry and for industry, to respond to the changing payments landscape. From Spring 2025, the renewed RTGS service will deliver a more resilient, flexible and innovative sterling settlement system to support monetary and financial stability.
- ISO 20022
- Track and Trace
- Business Intelligence Apis
- Transaction Monitoring
We will adopt ISO 20022 messaging standards for High Value Payments System (HVPS) payments across the renewed RTGS service. Development of the message set for the UK HVPS will, as far as possible, be in line with the HVPS+ framework, UK retail payment schemes, and HVPS in other jurisdictions to ensure international harmonisation and domestic intero...
The new RTGS service will support the SWIFT GPI (Global Payments Innovation) service, to allow track and trace of payments for CHAPS members. SWIFT GPI is able to support domestic and international payments. We will not be developing our own track and trace functionality.
We will develop automated real-time tools for accessing RTGS transactional and liquidity data. There will also be some write access APIs, subject to the ability to secure it adequately. The Bank will continue to provide data via a user interface. For more information, please refer to our Latest thinking on using Application Programming Interfaces (...
The new service will be able to deliver data to users on all aspects of the payment messages ex-post and in a timely manner. This will allow users to enhance their own compliance monitoring. The data could be delivered to a potential future central utility tasked with monitoring. There will be no ex-ante transaction monitoring in the renewed RTGS.
Sep 5, 2023 · The BoE’s renewed RTGS systems aim to provide greater access to such settlement accounts to non-bank payment service providers, but some smaller payment firms feel that the requirements for participation remain too burdensome.
RTGS Renewal Programme – Round Up . December 2018 . Our vision is to develop an RTGS service which is fit for the future, enabling resilience, access, wider interoperability, improved user functionality and strengthened end to end risk management of the UK’s High Value Payment System. Highlights since the September Round Up.
The renewed RTGS service will deliver a range of new features and capabilities, including increased resilience, greater access, wider interoperability, improved user functionality and strengthened end-to-end risk management. The planned capabilities were set out in the RTGS Renewal Blueprint.
RTGS Renewal Programme Roundup. June 2019. Our vision is to develop an RTGS service which is fit for the future, enabling improved resilience, enhanced user functionality and access, wider interoperability and strengthened end-to-end risk management of the UK’s High Value Payment System. Highlights since April. RTGS Renewal Procurement.