BoE, Accenture Renew Partnership to Upgrade UK’s Core Payments System
What Is Changing in the UK’s Core Settlement System?
The Bank of England has renewed its partnership with Accenture to overhaul the Real-Time Gross Settlement (RTGS) service, the backbone of the UK’s wholesale payments system. RTGS processes around £775 billion ($1 trillion) daily, handling transactions for over 200 participants including banks, building societies, and key market infrastructures such as CHAPS, CREST, and Bacs.
The renewed programme will deliver a new digital core aimed at improving resilience, functionality, and scalability. The Bank said the upgrade is part of a multi-year, £500 million effort to future-proof the country’s financial market infrastructure and prepare for innovations such as stablecoin settlement and central bank digital currency (CBDC) integration.
Investor Takeaway
Why Does RTGS Modernisation Matter?
RTGS underpins financial stability by settling high-value payments instantly between institutions. Any disruption would ripple across markets, making resilience upgrades essential. The new system will expand direct access to a broader set of participants , potentially including non-bank payment providers, fintechs, and international firms. Broader access is expected to reduce settlement risks and foster competition in payment services.
The upgrade also aligns with global trends. Central banks worldwide are exploring next-generation payment rails to handle cross-border interoperability, , and potential CBDCs. By modernising RTGS now, the to remain competitive and secure in an increasingly digital financial ecosystem.
How Is Accenture Driving the Overhaul?
Accenture first won the RTGS renewal contract in 2020 later than a competitive tender. Since then, it has delivered a new cloud-native core ledger and settlement engine with end-to-end automation. The system is designed for quicker processing speeds, improved scalability, and easier interoperability with other platforms.
As part of the latest phase, Accenture and the Bank are rolling out quicker onboarding features and external APIs. These upgrades will simplify data to connect more easily, expanding participation. significantly, the system is being upgraded while maintaining uninterrupted service for existing participants, reflecting the high stakes of migrating critical infrastructure.
Investor Takeaway
What’s Next for UK Payment Infrastructure?
The Bank of England has described the renewed RTGS as “future-proof,” capable of supporting , interoperability in cross-border payments, and potential CBDC issuance in the next decade. The system’s design is meant to adapt as digital finance evolves, ensuring that sterling payment infrastructure keeps pace with global innovation.
For market participants, the changes mean more resilient operations and potentially lower costs. For policymakers, the upgrades are part of a broader push to ensure London’s financial hub remains globally competitive. As the programme advances, the RTGS renewal will likely serve as a reference point for other central banks weighing similar transformations.
