The renewed RTGS service – key benefits

On April 25, 2023, the Prudential Regulation Authority, PRA, published a press statement in which it outlines the key benefits of the changes to the Bank of England’s (BoE’s) Real-Time Gross Settlement (RTGS) service that will be implemented by June 2024. These changes – which are in line with the BoE’s recently consulted roadmap for the RTGS (please see EventID 19759 in this context for more information) – primarily focus on four key issues: resilience, access, interoperability, and functionality as summarized in the tables below:
Table 1: Resilience

Table 2: Access

Table 3: Interoperability

Table 4: Functionality

Additionally, the PRA briefly summarizes the key objectives with respect to the RTGS beyond 2024 which are:
– the further improvement of the RTGS resilience and
– the facilitation of innovation and competition.
Finally, the PRA briefly outlines the key benefits of the new ISO 20022 messaging standard along the payments value chain, ranging from improved possibilities to detect fraud in the payment system, to increased oversight over payment and thus cash processes.