Bank of England Court reviews RTGS renewal, monetary policy, and future payments
The Bank of England's Court of Directors reviewed the successful RTGS Renewal Programme and approved the Monetary Policy Transformation Programme. The Court also discussed the UK authorities' strategy for future retail payments infrastructure, including plans for a digital pound.
Modernizing core operations
The Court received a positive review from the National Audit Office (NAO) on the Bank's RTGS Renewal Programme.
The NAO commended the Bank for its significant effort in setting out detailed requirements, fostering a transparent culture with strong leadership, and establishing an effective partnership with Accenture.
The Programme, led by Victoria Cleland, demonstrated value for money.
Separately, the Court welcomed changes to the Monetary Policy Committee's communications in November 2025 and noted significant progress in the Monetary Policy Transformation (MPT) Programme.
Directors emphasised the importance of frequent communication and strong leadership for the large-scale transformation, approving its Business Case.
Shaping the future of UK payments
Sarah Breeden updated the Court on the UK authorities' strategy for future retail payments infrastructure, outlining three key priorities.
These include supporting 'account-to-account' payments at point-of-sale for greater choice, and enabling interoperability across traditional deposits, tokenised deposits, systemic stablecoins, and the planned digital pound.
The strategy also aims to support interim private sector innovations aligned with the long-term infrastructure direction.
The Retail Payments Infrastructure Board (RPIB), chaired by the Bank, has been established, with Vim Maru as chair designate for a new industry-owned Delivery Company.
Strategic modernization for future challenges
These minutes underscore the Bank of England's dual focus on internal operational excellence and forward-looking financial innovation.
The successful RTGS renewal and ongoing monetary policy transformation demonstrate a commitment to robust infrastructure.
Simultaneously, the detailed strategy for retail payments highlights proactive engagement with emerging financial technologies and market needs.