The Real-Time Gross Settlement (RTGS) service is the infrastructure that holds accounts for banks, building societies and other institutions. The balances in these accounts can be used to move money in real-time between account holders, delivering final and risk-free settlement.
RTGS lies at the heart of the UK payments system, handling an average of £720bn each day, the Bank of England is currently delivering a multi-year transformation programme to renew the current service which will provide innovation and flexibility for the next generation of payments.
The RTGS Renewal Programme will deliver a renewed RTGS service as set out in the Blueprint, as well as replicating the functionality provided today, the renewed RTGS service will deliver a range of innovative new features.
Our vision is to develop an RTGS service with increased resilience and access, offering wider interoperability, improved user functionality and strengthened end-to-end risk management of CHAPS the UK’s High Value Payment System.
We will engage with the payments industry, to ensure that the renewed service creates a world-leading payments infrastructure fit for the future.
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Industry
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Financial Services
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Company size
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1,001-5,000 employees
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Headquarters
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London
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Type
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Government Agency
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Founded
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1693
