The Bank of England and Accenture have successfully modernized a key component of the UK’s payments infrastructure, marking a significant achievement in a multi-year transformation initiative.
In 2020, the Bank of England chose Accenture as the delivery partner for the RTGS renewal programme, aiming to create a contemporary wholesale payments infrastructure. Accenture developed a new core ledger and settlement engine built on a cloud-native architecture, emphasizing end-to-end automation to enhance interoperability, speed, and scalability. The platform conducts over 40,000 tests daily and includes features for zero data loss recovery and failover, allowing quick transitions to backup systems in case of issues.
Launched on 28 April 2025, the renewed RTGS core platform has processed more than 9.4 million transactions worth £35.2 trillion within three months. It achieved a peak of 295,000 transactions in a single day. With improved onboarding features and external APIs for easier data access, the system can accommodate more participants than before, broadening access for various financial entities.
Shaheen Sayed, head of Accenture in the UK, Ireland, and Africa, stated, “The new service is foundational for resilience, ensuring that financial institutions benefit from a more modern and secure settlement engine. The RTGS is central to the UK payments system, facilitating the seamless flow of value across the economy and empowering innovation in the industry.”