Bank of England Selects Accenture to Renew Its Real-Time Gross Settlement Service
July 30 2020 - 4:59AM
Business Wire
Accenture to support the delivery of new
high-value payments infrastructure in the U.K.
Accenture (NYSE: ACN) has been selected to work with the Bank of
England to renew the Real-Time Gross Settlement (RTGS) service to
support resilience and innovation in payments and settlements in
the U.K.
In this role, Accenture will be the technology delivery partner
for the RTGS Renewal Programme, working with the Bank of England to
deliver this critical national payments infrastructure. The RTGS
Renewal Programme includes building and integrating the new RTGS
platform and improving data access and providing a service that
will support the financial services sector and their customers in
the years to come.
The RTGS service is the infrastructure that holds accounts for
banks, building societies and other institutions delivering final
and risk-free settlement. The service plays a critical role in the
U.K. economy, processing approximately £685 billion worth of
transactions each working day.
The renewed RTGS service will be designed to respond to the
changing structure of the financial system, give access to a wider
number of firms, ensure resilience is at the heart of the service,
offer wider interoperability and improved functionality, and
strengthen end-to-end risk management of the U.K.’s high value
payment system.
Sulabh Agarwal, a managing director at Accenture who leads its
global payments practice, said, “The RTGS Renewal Programme will
enable the Bank of England to enhance its critical infrastructure
in one of the most important initiatives for the U.K. payments
system. The rise of digital and instant payments in recent years
has dramatically changed the way we pay, reflecting changes in the
needs of households and companies. The renewed system will enable
financial institutions to access a more modern and secure payments
platform which is fit for the future.”
The RTGS Renewal Programme is being delivered in multiple
transition states to minimise risk and is expected to run until
2025. More information can be found on the Bank of England’s
website.
Notes to editors The Bank of England’s announcement about
this project can be found here.
About Accenture Accenture is a leading global professional
services company, providing a broad range of services in strategy
and consulting, interactive, technology and operations, with
digital capabilities across all of these services. We combine
unmatched experience and specialized capabilities across more than
40 industries – powered by the world’s largest network of Advanced
Technology and Intelligent Operations centres. With 513,000 people
serving clients in more than 120 countries, Accenture brings
continuous innovation to help clients improve their performance and
create lasting value across their enterprises. Visit us at
www.accenture.com.
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Petra Shuttlewood Accenture +44 7887 792214
petra.shuttlewood@accenture.com
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