Conclusion 2

The Bank invested time and effort up-front to identify clear scope and objectives for the new RTGS, engaging effectively with internal and external stakeholders. From 2016 to 2018, the Bank invested significant time and resources in planning, analysis and design, with a 2017 ‘blueprint’ setting out five key priorities for the new RTGS. The Bank drew on input from payments, technical and procurement specialists to set out clear requirements for the new system. It consulted with industry to identify priority areas for development, engaged with other central banks and commissioned independent external assessments. The Bank deliberately took time to ‘stop and think’ on the programme strategy and approach, for example, deciding early to build a new system rather than buy an ‘off-the- shelf’ product. This up-front effort helped ensure the time and effort for implementation could be calculated with a greater level of confidence.