Her message was clear: the renewal of RTGS is more than a system upgrade – it’s a launchpad for transformational innovation across the UK’s financial ecosystem.

As Victoria put it, “It’s not innovation for innovation’s sake. It’s about making a real difference – to users, to institutions, and to society as a whole.” 

The Bank’s Real-Time Gross Settlement (RTGS) system sits at the heart of the UK’s financial system. It settles around £800 billion each day, supporting monetary policy and ensuring financial stability. But rather than rest on its laurels, the Bank has reimagined RTGS to meet the demands of a fast-evolving payments landscape. 

RTGS 2.0 is now live – settling over £30 trillion worth of CHAPS payments since April, and processing transactions with the speed, resilience and flexibility needed for the digital age. But, as Victoria reminded the audience, this is just the beginning. 

Four core objectives – delivered 

The RTGS Renewal Programme was built around four core goals: 

The system now benefits from new backup sites, enhanced recovery capabilities and even tighter monitoring. Given the systemic importance of wholesale settlement, resilience remains paramount. 

From non-bank payment service providers to DLT-based platforms, the Bank is welcoming new types of participants. The onboarding process is being modernised to reflect today’s more diverse financial landscape. 

With ISO 20022 messaging now live for CHAPS, the UK is aligning with global standards and supporting the G20’s cross-border payments roadmap. 

Through the Bank’s new API-enabled interface – “BERTI” – users can now access real-time data and manage liquidity more effectively. This creates a much richer environment for participants to innovate on top. 

A shared industry success 

Victoria emphasised the collaborative nature of the programme. Over 250 institutions contributed to the go-live of the new core ledger and settlement engine. The result isn’t just a technical success; it’s a shared achievement that reflects the best of industry-regulator partnership. 

To illustrate the scale of what’s been delivered, Victoria drew a parallel with launching a satellite. It required precision, deep technical expertise, and sustained teamwork – but it’s the services that sit on top of this new platform that will unlock real change. 

What comes next? 

The RTGS renewal is not an end point, but a foundation. Here’s what’s on the horizon: 

Building a platform for society 

What stood out most in Victoria’s address was a strong sense of purpose. RTGS isn’t just about back-end plumbing – it’s a national platform for progress. It unlocks competition, innovation, and efficiency that flows through the entire economy. 

Victoria noted that, like satellites once did for GPS and mobile phones, RTGS 2.0 will quietly underpin services that make life better – even if users don’t always see it.