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The Bank of England, in collaboration with Accenture, has successfully modernised a core pillar of the UK’s payments infrastructure, marking a key milestone in its multi-year RTGS (Real-Time Gross Settlement) renewal programme.
First launched in 2020 with Accenture as the delivery partner, the initiative aims to strengthen the resilience, efficiency, and accessibility of the UK’s wholesale payments ecosystem.
As part of the upgrade, Accenture developed a new core ledger and settlement engine built on cloud-native architecture, enhanced with end-to-end automation. This next-generation design boosts interoperability, processing speed, and scalability while introducing advanced safeguards such as zero data loss recovery and rapid failover capabilities to ensure operational continuity. The platform also runs over 40,000 automated tests daily to maintain high reliability.
Since going live on 28 April 2025, the renewed RTGS system has processed more than 9.4 million transactions worth £35.2 trillion in just three months, including a peak day of 295,000 transactions. The platform now offers faster onboarding and external APIs for easier data access, expanding participation opportunities for a wider range of financial institutions.
Commenting on the milestone, Shaheen Sayed, Head of Accenture in the UK, Ireland, and Africa, said:
“The renewed RTGS service is a cornerstone of resilience, enabling financial institutions to operate with a modern and secure settlement engine. As the backbone of the UK’s payments system, this solution not only ensures seamless value transfer across the economy but also provides the foundation for future innovation.”
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