Select committee: Public Accounts Committee

Conclusion 13

78th Report - The Bank of England’s Real-Time Gross Settlement Renewal Programme Published 29 Apr 2026 Addressed to HM Treasury
Conclusion (the committee's words)
Following market engagement to identify sufficient suitable providers, the Bank chose a ‘competitive dialogue’ procurement process, where potential bidders developed their design proposals in consultation with the Bank. The Bank saw the procurement as a “foundational phase” that allowed it to test capacity and capability and enter the delivery phase as an “intelligent customer”.26 The Bank’s procurement strategy included a practical “competed design” exercise—not often seen in the public sector—in which the final three bidders designed and built a simplified payment system. This helped test bidders’ technical approach and their 21 C&AG’s Report, paras 1.14-1.16 22 Q 3 23 Q 9 24 Q 3 25 Qq 4 and 53 26 Q 4 10 responsiveness to customer needs.27 The Bank recognised the exercise would be a “big effort”. To incentivise all bidders and reduce any barriers to continuing with the procurement, it decided to pay towards the cost of the exercise, with the two unsuccessful bidders each receiving £125,000.28

From: Public Accounts Committee, 78th Report - The Bank of England’s Real-Time Gross Settlement Renewal Programme (HC 1732), 29 April 2026

Government response

The government responded to the whole report on 4 August 2026 (deadline 29 June 2026).

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