Bank Of England Settlement Service To Support Potential Digital Currency

Bank of England settlement service to support potential digital currency. BoE must maintain the revamped gross settlement service (RTGS) in real time, the payment network U.K. has used. Financial entities, such as the digital pound, can be forward compliant with CBDCs.

The new system of settlements is being developed to allow the bank to “bolt on” a digital currency transaction facility should it wish to join a CBDC.

Modules for other future capabilities, as well as the digital pound, are also being considered for the upcoming settlement system.

RTGS is a key component in the U.K.’s financial infrastructure – it’s where institutions hold their sterling accounts and acts as the main channel for the BoE to inject liquidity into the economy.

The BoE revealed Thursday it had selected Irish software consulting company Accenture to re-design the payments network for a £150 million ($195 million) deal.

Accenture said in a statement that the new RTGS system will respond to the evolving financial environment by allowing more firms access, as well as greater interoperability and flexibility.

The new RTGS program will go live in 2022.

[image: Robert Bye]

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