The UK National Audit Office (NAO) has published its report on the Bank of England's (BoE) Real-Time Gross Settlement (RTGS) renewal programme. The RTGS is a core part of the UK's financial infrastructure, and the Bank of England launched the renewed system in April. The report, accompanied by a summary, examines whether the BoE managed the programme effectively to achieve a new system resilient to future developments and risks, and whether it identified wider learning from the programme. The NAO concludes that the BoE demonstrated good practice in digital transformation and risk management, with delays limited to 18 months and cost increases deemed reasonable given the programme's complexity. With the new RTGS now operational, the BoE plans to improve functionality over the next two to three years and will need to set long-term priorities to maintain and improve the system.
The NAO recommends the BoE:
- Applies lessons learned across other digital and business transformation projects.
- Sets clear plans for ongoing investment and resourcing to keep the RTGS and supporting services up to date.
- Understands and manages the impact of higher levels of change on RTGS users.
- Assesses the effectiveness of its interventions to widen access and reduce barriers, ensuring the best mix is in place.
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