Parliamentary committee hails success of BoE’s RTGS renewal
Programme holds lessons for wider government digital transformation, committee says
The UK Parliament’s Public Accounts Committee (PAC) has praised the Bank of England’s programme to modernise its real-time gross settlement system (RTGS), hailing it as “an all too rare positive example of public sector digital transformation”.
The RTGS system underpins all the UK’s sterling payment systems, settling around £790 billion ($1.1 billion) of transactions a day. In response to developments in the payments landscape, the BoE implemented a nine-year renewal programme for the RTGS
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