Background to the report

The Bank of England (the Bank) operates the Real-Time Gross Settlement system (RTGS), which provides settlement services for sterling payments in the UK. ‘Settlement’ is the stage of finalising payments by completing the transfer of funds between relevant parties.  

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The RTGS is vital in ensuring monetary and financial stability and government has designated it as critical national infrastructure (CNI). The system was introduced in 1996, and is used by banks, building societies, payment service providers (like Visa) and other types of financial providers (such as Wise) to settle payments.  

Scope of the report

This report examines whether the Bank managed the RTGS renewal 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. This includes:  

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

Video summary

Natalie Low, Senior Audit Manager, summarises the report’s findings.

Conclusions

The RTGS is part of CNI, providing a vital foundation to the UK’s payment system and contributing to the resilience and stability of the UK economy. The Bank placed a high priority on the RTGS renewal programme combined with a low tolerance for failure, investing up-front effort in careful planning, design and procurement of the system.

The Bank successfully launched the new RTGS in April 2025, at a cost of £431 million. Throughout delivery, the Bank managed a high level of risks and interdependencies, including replanning where necessary. The programme demonstrates good practice and innovation, which could be instructive for other digital projects as well as for the Bank’s wider project management.  

The new system secures the benefits anticipated for its launch and moves to a new technology better able to support future innovation. The Bank is progressing some improvements in the next two to three years and is considering priorities over the longer term.

The way the Bank managed the RTGS renewal programme demonstrates value for money. The Bank’s focus now must be on maintaining and enhancing the system to maximise benefits going forward. 

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Publication details

Press release

View press release (12 Dec 2025)

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