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.

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

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.

Senior Sponsors' Body

The External Advisory Body was replaced by the Senior Sponsors’ Body, which first met in 2021.  The Senior Sponsors’ Body was set up with the aim of ensuring the industry was engaged in the RTGS Renewal Programme by providing senior strategic oversight, policy expertise as well as advice and challenge on key issues. The last meeting of the Senior Sponsors’ Body was in May 2024.

We also held a series of working groups themed around readiness, testing and transition with RTGS participants.

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

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.