🌐RTGS Renewal Programme🌐

TheDinarian

News • Business • Investing & Finance

BANK of ENGLAND will be delaying their MIGRATION of CHAPS over to ISO 20022 messaging which will now occur June 19, 2023 as opposed to April 2023 as was planned

thedinarian

December 29, 2022

The RTGS Renewal Programme will deliver the next generation of our real-time gross settlement (RTGS) service.

Overview

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 these account holders, this delivers final and risk-free settlement. A programme of work has been established to deliver a renewed Real-Time Gross Settlement (RTGS) service. As set out in the blueprint, as well as replicating the functionality provided today, the new RTGS service will deliver a range of new features and capabilities for payments and settlements between financial institutions. More detail on when functionality is now expected to be delivered is in the Programme timeline below.

We will continue to engage with the payments industry throughout the Programme, to ensure that the next generation of RTGS creates a world-leading payments service for the UK.

Why is it necessary to renew RTGS?

Renewing the service is necessary because the way payments are made has changed dramatically in recent years, reflecting changes in the needs of households and companies, changes in technology, and an evolving regulatory landscape.

Our vision is to develop an RTGS service which is fit for the future, increasing resilience and access, and offering wider interoperability, improved user functionality and strengthened end-to-end risk management of the UK’s High Value Payment System.

This decision follows a period of consultation with CHAPS Direct Participants, to understand the impact of the European Central Bank (ECB) decision to move their TARGET2 ISO 20022 migration from 21 November 2022 to 20 March 2023.

The ECB re-plan, combined with the subsequent decision by SWIFT to move its cross-border ISO 20022 implementation to 20 March 2023, has had a considerable impact on industry preparation plans.

The new Transition State 2.1 go-live date is designed to provide sufficient time for the industry to safely manage the ECB and SWIFT transitions before making final preparations for CHAPS to safely transition to the ISO 20022 messaging standard.

In the light of this amended timeline, the Bank is reviewing the milestones and indicative migration date for Transition State 3 – the introduction of the new RTGS core ledger and settlement engine. The Bank will be adjusting milestones to avoid clashes with the revised Transition State 2.1 migration. Our aim is to minimise the impact of the revised timeline on the Transition State 3 implementation, currently scheduled for spring 2024, whilst also ensuring that the plan is safe and robust. We expect to announce the revised milestones and key dates for Transition State 3 in February 2023.

How we are governed

Renewal Executive Board

The Renewal Executive Board (REB) is a senior-level executive group responsible for the delivery of the RTGS Renewal Programme. REB is chaired by the Deputy Governor for Markets & Banking, with other members including the Bank’s Chief Operating Officer, Chief Financial Officer, Chief Information Officer and the Executive Director for Payments. REB is responsible for overseeing the delivery, overall scope and financial management (within an overall budget determined by Court) of the RTGS Renewal Programme. Its responsibilities are set out in the Renewal Executive Board Terms of ReferenceOpens in a new window.

REB works closely with the RTGS/CHAPS Board, which provides strategic leadership for live operation of RTGS and CHAPS.

The Bank’s RTGS Renewal Programme includes a significant engagement programme with key stakeholders, including through the Senior Sponsors' BodyOpens in a new window

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If you're already funded through the Stellar Community Fund, meet the criteria and ready to secure your smart contracts, check your email for an invitation to submit an audit request–if you haven’t received one, contact [email protected].

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If you find value in my content, consider showing your support via:

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