Deputy Governor Dave Ramsden confirmed to the UK Parliament Public Accounts Committee on 2 March 2026 that the Bank of England now possesses the in-house skills and intellectual property to operate its Real-Time Gross Settlement system without Accenture, the commercial partner that had supported RTGS operations for years.
Programme Scope and Cost
The RTGS Renewal Programme ran from 2016 to 2025 at a total cost of £431 million - 15% above the original £375 million budget. The National Audit Office assessed the programme as demonstrating value for money despite the cost overrun and an 18-month delay to delivery.
The renewed system's core ledger and settlement engine went live on 28 April 2025. On its first operational day, the platform settled £778 billion in transactions.
Operating Cost Increase
Annual operating costs for RTGS have risen from approximately £21 million to approximately £41 million. The increase reflects the cost of building and maintaining the in-house technical team required to support the insourced system.
Critical National Infrastructure
RTGS is designated as Critical National Infrastructure. The system underpins CHAPS high-value payments and provides final settlement for Faster Payments, BACS, LINK, Visa, and Mastercard in the United Kingdom.
Forward Roadmap
Ramsden outlined a future roadmap that includes extended settlement hours moving toward near 24/7 availability. The Bank has separately confirmed that CHAPS settlement hours will extend to 1:30 AM from 2027, as part of the broader RTGS operating model evolution.
Governance Significance
The transition represents a G7 central bank choosing to bring critical payment infrastructure operations fully in-house after a major outsourced renewal programme. The NAO review, the PAC testimony, and the operational cost increase all reflect the scale of the governance decision involved in moving from a systems integrator model to direct central bank operation.