The Bank of England welcomes API Panel of Experts recommendations to enhance cross-border payments, set out in the October 2024 publication entitled 'Promoting the harmonisation of application programming interfaces to enhance cross-border payments: recommendations and toolkit.'. Want to know more? Read the report: bis.org/cpmi/publ/d224.htm and the Banks' statement: https://lnkd.in/egXA3yF9
RTGS Renewal Programme
Financial Services
Payment Transformation for the next generation of our real-time gross settlement (RTGS) service.
About us
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 account holders, delivering final and risk-free settlement. RTGS lies at the heart of the UK payments system, handling an average of £720bn each day, the Bank of England is currently delivering a multi-year transformation programme to renew the current service which will provide innovation and flexibility for the next generation of payments. The RTGS Renewal Programme will deliver a renewed RTGS service as set out in the Blueprint, as well as replicating the functionality provided today, the renewed RTGS service will deliver a range of innovative new features. Our vision is to develop an RTGS service with increased resilience and access, offering wider interoperability, improved user functionality and strengthened end-to-end risk management of CHAPS the UK’s High Value Payment System. We will engage with the payments industry, to ensure that the renewed service creates a world-leading payments infrastructure fit for the future.
- Website
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https://www.bankofengland.co.uk/payment-and-settlement/rtgs-renewal-programme
External link for RTGS Renewal Programme
- Industry
- Financial Services
- Company size
- 1,001-5,000 employees
- Headquarters
- London
- Type
- Government Agency
- Founded
- 1693
Updates
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Congratulations to Victoria Cleland, Executive Director of Payments who has once again been named one of the top 100 Most Influential Women in Finance
I am absolutely delighted to feature, for the 2nd year running ,in the Financial News “100 Most Influential Women in European Finance” list. A great honour to be part of such an impressive group. And it is only possible thanks to the great support of the teams I work with to shape, deliver, and operate the core payments infrastructure and polices that underpin the financial sector and growth.
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Our vision is for the renewed RTGS to act as an open platform for the UK financial services industry to facilitate safe and efficient settlement in central bank money. Working closely with industry as part of co-creation to assess business cases and define high level design of priority features including new ways to connect to RTGS, a synchronisation interface, and extended RTGS operating hours. Find out more about the Future Roadmap of RTGS: https://lnkd.in/dcKPcbdJ #RTGSRenewal #payments #nextgen
Future Roadmap for RTGS
bankofengland.co.uk
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We are exploring a wide range of exciting new features as part of continuous service evolution. Find out more about the Future Roadmap of RTGS. https://lnkd.in/dcKPcbdJ #RTGSRenewal #payments #nextgen
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The latest Bank Underground article, https://lnkd.in/eFSiWhuy explores how ISO data has unlocked improved methods of identifying cross border activity and reveals new insights into the global payment corridors for CHAPS payments. #ISO20022 #CrossBorderPayments The payments data and analytics team welcome feedback and can be contacted at rtgs.data_analytics@bankofengland.co.uk. Important Note: The views expressed in Bank Underground are those of the authors and are not necessarily those of the Bank of England, or its policy committees.
Payments without borders: using ISO 20022 to identify cross-border payments in CHAPS
http://bankunderground.co.uk
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Compliance and Anti-Money Laundering processes can be plagued with false positives and delays in processing payments, particularly where key data is missing from the transaction. The improved data quality and structure of ISO 20022 messaging will significantly reduce these issues delivering more accurate and efficient regulatory compliance. Want to know more? See our ISO 20022 Handbook for more information https://lnkd.in/epuXh979 #ISO20022benefits
ISO 20022 Handbook
bankofengland.co.uk
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The renewed RTGS service will facilitate direct access to central bank settlement for a wider range of participants. This will help to reduce tiering risks and promote competition and innovation. See our website to find out more. #RTGSRenewal #payments #nextgen https://lnkd.in/dcKPcbdJ
Future Roadmap for RTGS
bankofengland.co.uk
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Don't forget to register to join our RTGS Renewal Programme Industry Event on Tuesday 24 September. Sign up is open for industry participants to register to attend, we will be joined by experts from the Programme Team who will share the latest Programme news and information. https://lnkd.in/eTzFEKVz #Event #RTGSRenewal #PaymentsIndustry
Register now to join our RTGS Renewal Programme Industry Event on Tuesday 24 September. 🏛 🎉 Sign up is open for industry participants to register to attend our next industry event, where we will be joined by experts from the Programme Team who will share the latest Programme news and information. #Event #RTGSRenewal #PaymentsIndustry
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Discover the benefits of ISO 20022 data in cross-border payments in our ISO 20022 webinar exploring the benefits of ISO 20022 payments messaging. https://lnkd.in/emvznqge
Discover the benefits of ISO 20022 in cross-border payments
https://vimeo.com/
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ISO 20022 messaging provides a high level of business validation, reducing the risk of sending or receiving incorrect data making payments faster and more efficient. See our website to find out more: https://lnkd.in/gAkccFEn #ISO20022benefits #payments #RTGSRenewal #nextgen
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