Conclusion 1

The Bank developed strong business leadership for the RTGS transformation programme, drawing effectively on non-executive expertise. The programme’s initial governance was led by non-executive directors (NEDs) with a track record in digital payments and commercial expertise. Through the Bank’s board of directors (known as the ‘Court’), NEDs retained a clear view of the programme throughout, providing direction and support. The Senior Responsible Officer (SRO) for the programme had a background in payments operations, with specialist payment staff also brought on to the programme at an early stage. The SRO and the programme’s technical owner jointly held the final responsibility to decide when the new system was ready to go live. The mix of operational and technical leadership and skills on the programme meant that decisions were well informed. We also note the benefits of having stability of staff in senior roles, with the Bank also freeing up the SRO from some other responsibilities to ensure sufficient time to lead the programme.