The Bank of England and Accenture have announced the continuation of their efforts in upgrading the Real-Time Gross Settlement (RTGS) service, an essential part of the UK’s financial backbone.

This collaboration aims to enhance the wholesale payments system by improving its resilience, accessibility, functionality, and laying down new foundations for future development.

Both parties will concentrate on developing a modern digital core for the RTGS service—a platform designed to guarantee swift and secure settlements of transactions among financial institutions. Simultaneously, they will also address the evolving needs and preferences of users while ensuring adherence to regulatory standards.

Details about the Bank of England and Accenture Partnership

According to an official statement, under this initiative, Accenture has introduced a new core ledger and settlement engine, built on cloud-native modern architecture with full automation capabilities. This upgrade seeks to enhance interoperability, processing speed, and scalability, thus optimizing payments between institutions.

The upgraded service will also facilitate easier access for more participants by incorporating faster onboarding processes and external APIs that improve data accessibility. These changes are expected to expand the ecosystem of financial entities involved in the system.

In addition, Accenture has provided various enabling components aimed at modernizing and securing the settlement engine. This includes advanced automation tools and monitoring systems to ensure smooth daily operations.