The UK Public Accounts Committee published a report on April 29, 2026, calling the Bank of England's RTGS Renewal Programme a rare positive example of public sector digital transformation. The renewed system went live in April 2025. It has processed over 9.4 million transactions worth GBP 35.2 trillion in its first three months.
The programme cost GBP 431 million. The PAC highlighted the Bank's two years of upfront planning and decision to retain intellectual property in-house as key success factors.
The renewed RTGS underpins CHAPS, the UK's high-value payment system. The system handled up to 295,000 transactions on its busiest day.