Central Banking

Investigation unearths flaws in BoE’s RTGS system

The Bank of England

An investigation into an outage in the Bank of England's (BoE) real-time gross settlement (RTGS) system last year has uncovered flaws in both the system itself and the central bank's response.

Published today, the review by consultancy Deloitte sheds light on why the RTGS system went offline for nine hours on October 20 last year, and how the BoE responded.

Although the system was restored before close of business and all submitted payments were cleared, the review identified room for improvemen

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