Select committee: Public Accounts Committee
Conclusion 27
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 Bank is working with industry to deliver a set of priority enhancements including extended operating hours, synchronisation (a functionality that allows payment systems to coordinate the movement of funds with the exchange of assets on other systems), and the development of an alternative payment messaging network.61 In February 2026, the Bank published proposals to open RTGS at 1:30am (previously 6am) from September 2027 reflecting industry demand and the need to support activity in international markets.62 It is also testing the synchronisation functionality through a laboratory involving 18 participant organisations, which will develop potential applications, for example, to real estate and foreign exchange transactions.63 Written evidence also drew our attention to the value of developing an alternative messaging network to reduce reliance on a single provider.64
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).