Industry engagement

Overview

We have established a set of industry groups to gather views on aspects of the RTGS Renewal Programme. Representatives from different sections of the payments industry form the membership of these groups. We are committed to an ongoing programme of engagement with industry as part of the RTGS Renewal Programme. 

Ensuring that the renewed service meets the needs of the Bank and the payments industry means engaging with existing RTGS participants and a growing community of potential participants. Rebuilding RTGS provides a unique opportunity to ensure the service can support new functionality which can be used by payment firms that exist now and those launched in the future.

Senior Sponsors' Body

In July 2017 we established the External Advisory Body to provide advice on implementing the renewed RTGS service. The final meeting was held in September 2020, past minutes can be found under our Previous Programme Engagement section.

We remain committed to working with the wider industry to drive forward Programme delivery and benefits, and have established the Senior Sponsors' Body to support this. With an agile composition representing a broad range of interests, the Senior Sponsors' Body aims to ensure that the industry is engaged by providing senior strategic oversight, policy expertise and advice and challenge on key issues. 

The first meeting of the Senior Sponsors' Body was held in February 2021.

• RTGS Renewal Programme Senior Sponsors’ Body - terms of reference (pdf)

Standards Advisory Panel

In June 2018 the Bank, in collaboration with Pay.UK and the Payment Systems Regulator (PSR), published a consultation on the adoption of ISO 20022 in the UK. This consultation proposed the creation of a Standards Advisory Panel to support the Bank and Pay.UK in the implementation of payment standards by providing expertise on industry preferences and implications. A key focus is ISO 20022, but the Panel will also advise on other new payments standards for the UK, such as those for financial APIs, the Legal Entity Identifier (LEIs), as well as commercial drivers and industry priorities, sustainability (ESG) issues currently in payments, and the future direction of payment standards (both domestically and globally).

Terms of Reference Standards Advisory Panel

Standards Advisory Panel: New Chair appointed

Minutes of the Standards Advisory Panel

Industry Readiness

Participant Panel

The Participant Panel was created in November 2020 to support continued industry collaboration, bringing together a small number of CHAPS participants to discuss a range of topics across the RTGS Renewal Programme’s remit. Meeting on an ad hoc basis, the aim is that this group will create a conducive informal environment in which to review concepts, to test propositions at an early stage and further improve engagement with the other Working Groups established by the Programme.

Working Groups for CHAPS Direct Participants

In January 2020, the RTGS Renewal Programme outlined how it would monitor industry readiness. This included setting out clear principles to ensure a coordinated, accountable and transparent approach that offered value for money.

We have conducted industry working groups for CHAPS Direct Participants to support this work. These groups bring together expertise from within the industry to better understand risk management, testing and business or technical change. The groups will continue to meet on a quarterly basis throughout 2021.

Previous Programme Engagement

External Advisory Body

The External Advisory Body was established in 2017, two months after the Blueprint was published, and provided advice on implementing the renewed RTGS service. The final meeting was held in September 2020. 

Terms of reference: External Advisory Body

Minutes of the External Advisory Body

To find out more about our past industry engagement, please see our Programme news page.

Further information

The Programme continues to cultivate activate participation and engagement within the payments ecosystem.

To keep updated on our engagement activity, please subscribe to our external round-up.

For all general enquiries, speaker engagements and communication please contact rtgsengagement@bankofengland.co.uk.