Bank of England Workshop on RTGS

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    Wednesday07Feb 2018
    News

    Bank of England seeks industry views on renewal of the Real-time Gross Settlement System.

The Bank of England is seeking your views on its renewal of the Real-time Gross Settlement system (RTGS), the infrastructure at the heart of the UK payments network.

Join the Workshop on 22 February, 13:00 - 17:00 at the Bank of England, Threadneedle Street.

The Bank published a Blueprint in May 2017, setting out plans for a renewed RTGS which responds to the changing structure of the financial system, meets user demands, builds capacity to interface with new payment technologies, ensures resilience to cyber-threats and supports the evolution of regulatory and monetary policy tools. To ensure this work delivers on these needs, the Bank invites you to attend this workshop and give your comments. Your input will feed directly into the next steps of this work.

To register for the workshop, please contact the Bank directly at RTGSEngagement@bankofengland.co.uk

The workshop will focus on two issues:

  • The implementation of the ISO 20022 payments messaging standard. ISO 20022 is the messaging standard of choice for payments systems globally, currently being implemented in the EU, Japan, Australia, Switzerland and domestically by Faster Payments and Bacs. The Bank is working with industry to identify enhancements to the data contained within a payments message. This is an opportunity to advise on live policy discussions on the future messaging standard. Your input at this stage can help ensure that the Bank design an effective solution to a range of user and participant needs. Your comments will feed into the drafting of further consultation on a range of proposals for our ISO 20022 compliant messaging standard.
  • Synchronisation: this is the concept that a payment in RTGS could settle if and only if another payment (or set of payments) is also settled. Synchronisation offers opportunities to reduce credit and operational risk, as well as supporting new, innovative forms of payment in the future. The Bank believes there are many payments which go across RTGS daily which are potentially ‘synchronisable’ and welcomes your views – could your business make use of synchronisation functionality in new ways which have not yet been considered? For more information on synchronisation, see Consultation paper (September 2016) 

The Bank is also running a series of working groups. Further information can be found on the Bank website.

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