Select committee: Public Accounts Committee
Conclusion 17
78th Report - The Bank of England’s Real-Time Gross Settlement Renewal Programme
Published 29 Apr 2026
Addressed to HM Treasury
Public Accounts Committee The Bank of England’s Real-Time Gross Settlement Renewal Programme All items in this report Report on parliament.uk ↗ Inquiry on parliament.uk ↗
Conclusion (the committee's words)
The modernisation programme incorporated a major upgrade and move to new payment messaging standards for CHAPS and the RTGS, the so-called ISO 20022 standards.36 The Bank explained that moving to the new messaging standards improves interoperability with other national and international payment systems, one of the five priorities set out in the 2017 blueprint. It also supports the use of more structured and detailed data, enabling RTGS users and the Bank to better understand and process payment information. In moving to the new standards, the Bank added that it had to engage closely with industry and coordinate the move with other migration programmes happening outside the UK, for example, the European Central Bank.37
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).