Bank of England's £431M RTGS tech project lauded as public sector success

The Bank of England's successful £431 million Real-Time Gross Settlement (RTGS) system upgrade has been praised by the UK's Public Accounts Committee (PAC) as a rare example of effective public sector digital transformation. Unlike many other government IT projects that suffer from overspending and delays, the RTGS project was completed on time and within budget, handling approximately £790 billion in daily sterling payment settlements. The PAC highlighted the bank's extensive planning, industry consultation, and collaborative approach as key factors contributing to its success, recommending other government bodies emulate these practices. AI

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• Bank of England
• Public Accounts Committee
• Real-Time Gross Settlement
• RTGS
• Accenture
• Department for Science, Innovation and Technology
• National Infrastructure and Service Transformation Authority
• Cabinet Office

• other