The Bank of England has initiated a new regular forum to engage directly with the industry on the strategic direction and operational aspects of its Real-Time Gross Settlement (RTGS) and CHAPS services. The first RTGS CHAPS Industry Forum, held on 4th June 2026, brought together key stakeholders to provide early input on the Bank's developing plans for these crucial payment infrastructures.
The forum's primary objective is to facilitate ongoing dialogue and gather industry perspectives on strategic issues concerning both the live operation and future development of RTGS and CHAPS. The Bank underscored that this collaborative approach is vital for ensuring these services remain robust, adaptable, and supportive of private sector innovation. While the forum will focus on wholesale payments, it will also consider how broader retail payment trends and wider wholesale innovation might intersect with the Bank's delivery and the industry's use of RTGS and CHAPS.
A significant portion of the discussion revolved around the ongoing change roadmap for RTGS and CHAPS. The Bank highlighted that the recently completed RTGS Renewal Programme has established a solid foundation for future enhancements, aiming to foster a stable and predictable environment for innovation. Over the past year since the renewed RTGS service went live, efforts have concentrated on resolving minor defects, developing future roadmaps, and conducting policy and design work for strategic upgrades. Industry representatives expressed positive sentiment regarding this narrative and inquired about lessons learned from the renewal programme, with the Bank referencing favourable reports from the National Audit Office and Public Accounts Committee, noting continued upfront investment in defining clear scope and objectives.
Looking ahead, the Bank presented a high-level timeline for planned changes. In 2026, the focus will largely be on maintaining the stability of the service and laying the groundwork for future developments. 2027 is set to see significant work to enable CHAPS to open from 1:30 AM starting in September, alongside further API functionality and preparations for a live synchronisation service. Beyond 2028, the roadmap includes major strategic improvements such as further extending settlement hours and bolstering operational resilience through enhanced network resilience and settlement contingency.
Industry members largely supported these plans, acknowledging that they align with expected enhancements. However, there was considerable discussion about the scale of change required across the industry, particularly concerning the need for participants to adapt their business and operating models. The potential impact on liquidity management was also raised as a key concern, slated for further discussion at a future meeting. Other points included the importance of early communication regarding enhancements like APIs to allow participants to secure investment for integration, and the potential use of APIs to support delivery.
This ongoing dialogue between the Bank of England and industry stakeholders is crucial for the evolution of the UK's core payment infrastructure. The forum's establishment signals a commitment to collaborative development, aiming to ensure that RTGS and CHAPS continue to meet the demands of a rapidly changing financial landscape while maintaining their foundational role in the UK economy.