We are conducting industry engagement to inform our decision and would welcome input from interested parties. And the most significant moment is when we replace the core RTGS service, planned for 2023. Additional functionality will be delivered in 2024, to further drive innovation and change. For example we will introduce read/write APIs and are exploring the ability to synchronise the settlement of a payment in sterling central bank money to be coordinated with the transfer of one or more assets. The Programme is expected to close in 2025. It will be an exciting few years! ISO 20022  One way in which RTGS Renewal can promote resilience and efficiency is through greater interoperability across payment systems. Could, for example, CHAPS be used as a contingency mechanism in the event of a retail payment system outage? Key to this is the introduction of a new payment messaging standard for UK payments, ISO 20022: the emerging global standard. Following a consultation in 2018,8 the Bank and Pay.UK will introduce a Common Credit Message across CHAPS, Bacs and FPS which will bring greater message harmonisation for the UK’s main interbank payment systems. The Bank is also engaging with other High Value Payment System operators to ensure the standard is compatible with the emerging international consensus. This is an exciting and important initiative which will bring significant and long term benefits for a wide range of firms.
1  https://www.bankofengland.co.uk/speech/2019/victoria-cleland-national-inclusion-week-launch-event-at-house-of-lords https://files.londonandpartners.com/business/resources/london-fintech-scene-2017.pdf 3 https://www.innovatefinance.com/news/uk-fintech-investment-flying-high-in-h1-2019/ 4 https://www.ukfinance.org.uk/system/files/Summary-UK-Payment-Markets-2018.pdf 5 https://www.bankofengland.co.uk/report/2019/future-of-finance 2  2  All speeches are available online at www.bankofengland.co.uk/news/speeches  2  Today, I will focus on how the Bank will support a more resilient, innovative and competitive payments system for UK households and businesses: we have a vision that payments will become cheaper, instantaneous and more seamless, including across borders. At the heart of this is the UK’s Real-Time Gross Settlement (RTGS) service which settles around £ of payments each working day, close to a third of the UK’s annual GDP. Not much business can be done without it, and most consumers are ultimately reliant on it. I will tell you shortly about our leading-edge work to renew this service, but this is not all we are doing. We are also pursuing a number of even more far-reaching strands which together have the potential to transform the current payments landscape. I want to share a few of these with you today. First, cross border payment is for many a long standing frustration - often badged as slow; inefficient and expensive for both financial institutions and end users. In 2018 we published a summary of our joint collaboration with the Monetary Authority of Singapore and the Bank of Canada to explore opportunities to make cross-border payments more efficient. But we want to take this further and play a leading role in supporting effective change in this area.