Bank of England partners with Accenture to build state of RTGS network

The Bank of England announced today in a press release that it would be working with Ripple partner Accenture to improve its RTGS network.

By · Jul 31, 2020 . 4min read

UK authority parliament picture
Photo by Paul Fiedler on Unsplash

The Bank of England has announced that it will partner with Accenture to build a world-class payments system. Accenture will pilot the Real Time Gross Settlement Service Renewal Programme (RTGS).

February 2019 saw the introduction of the programme. It currently settles £685 billion a day in the UK. The Bank of England views RTGS as a critical piece of national financial infrastructure. With this partnership, they aim to improve resilience and access, functionality, and strengthen risk management, as stated in their press release.

Executive Director for Banking, Payments and Innovation at the Bank of England, Victoria Cleland, had the following to say. “This is a key milestone in our ambitious and exciting programme to renew RTGS. I look forward to working with Accenture, and with the industry, to develop and deliver a system that is fit for the future, supporting continued innovation in UK and global payments.”

“The Renewal Programme is a key priority not just for the Bank but also the wider UK payments industry. It will support a resilient financial system that protects the UK’s financial and monetary stability in the years to come. The renewed RTGS service will be designed not only to benefit everyone in the country who makes payments, but to keep the UK at the leading edge of payments innovation.”

Accenture had partnered with Ripple back in 2015. Ripple has partnered with numerous payments services over the years.Therefore, it has a stated aim to improve cross-currency settlement issues for financial institutions. Ripple’s global payments network RippleNet already works with more than 200 financial institutions around the world.

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