The Bank of England and Accenture have announced the renewal of the Real-Time Gross Settlement service, a component of the UK's financial infrastructure.
Following this announcement, the partnership will focus on the goal of updating the wholesale payments infrastructure in the UK, as well as optimising its resilience, access, functionality, and delivering new foundations for development.
Both companies will focus on designing a new digital core of the RTGS service—a system that was developed in order to underpin financial stability by securely settling payments between financial institutions instantly. In addition, they will also continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
More information on the Bank of England x Accenture partnership
According to the official press release, as part of the program, Accenture delivered a new core ledger and settlement engine in order to build on cloud-native modern architecture underpinned by end-to-end automation. This process aims to improve interoperability, speed, and scalability, as the system will ensure optimised processing of important payments between institutions. At the same time, through faster onboarding features and external APIs to access data more easily, the system is expected to accommodate more participants than before, allowing for broader access to more financial entities and a more diverse ecosystem.
The new service will also focus on ensuring that financial institutions have access to a more modern and secure settlement engine. As part of the process, Accenture delivered a range of enabling components of the new system as well, including improved automation and the process of deploying monitoring tools for visibility into daily operations.
