An industry-leading transformation delivered in 2025
What Bank of England achieved
9.4M+
transactions successfully processed in 2 months, valued at US$48T
295K
transactions processed in a single day
40,000
automated tests can be run daily
Future-proofing the UK’s financial future
Right now, there’s a transformation happening that could improve banking systems for years to come.
The Bank of England’s Real-Time Gross Settlement (RTGS) service processes large payments between financial institutions instantly and securely, supporting nearly £800bn ($1 trillion) worth of settlements per day. RTGS is critical for the stability of the UK financial system, and outages could have significant ramifications for the UK economy, housing market and people’s financial wellbeing.
With the goal of delivering a resilient RTGS service that would be widely used for central bank money settlement while enabling growth and innovation, Bank of England (the Bank) partnered with Accenture to renew and transform the RTGS service with modern architecture, a private cloud-powered digital core and end-to-end automation.
Launched in April 2025, the service is modular, and even more resilient, scalable and responsive, enabling greater transaction volume—with 295,000 transactions processed in just a single day—helping to ensure important exchanges between institutions run smoothly.
Reimagining a system at the heart of global finance
The Bank of England and Accenture built a flexible, secure, cloud-based RTGS system that supports faster onboarding for more financial entities, as well as global interoperability.
A powerful message for financial innovation
In the two months since the launch of the new system, the new RTGS service successfully processed over 9.4 million transactions valued at $48/£35.2 trillion. It allows for significantly more participants and broader access for more financial entities and supports new business models and technologies from new entrants and existing players. Automated site failover capabilities have shortened recovery times with a click of a button. And the system adheres to modern global messaging standards that meet transparency goals and help fight financial crimes like money laundering.
The new RTGS service acts as an open platform for change and innovation, supporting BoE’s monetary and financial stability objectives. It also drives improvements in wholesale settlement efficiency and competition while ensuring confidence in the financial system.
The RTGS service will enable the Bank to work with industry to enhance services including:
By transforming the RTGS system, Bank of England has provided a resilient and modern payments infrastructure for the UK. As an open platform for innovation, the Bank has set the foundation for further transformative change in the UK payments ecosystem.
By transforming the RTGS service we have created a next generation wholesale market infrastructure and a platform for innovation and growth.
Victoria Cleland / Bank of England Chief Cashier & Executive Director of Payments
