What is the primary aim of the Bank of England's RTGS renewal programme?

The primary aim of the Bank of England's RTGS (Real-Time Gross Settlement) renewal programme is to enhance the resilience and accessibility of the RTGS system. This initiative is crucial because the RTGS system plays a fundamental role in the UK’s payment infrastructure, facilitating large-value payments in real-time and ensuring the stability of the financial system.

By focusing on resilience, the program aims to ensure that the RTGS system can withstand various disruptions, whether from technical failures or cyber threats, thereby maintaining the trust and reliability needed in the payment ecosystem. Enhancing accessibility is also vital, as it allows a broader range of participants, including smaller financial institutions, to engage with the payment system, fostering inclusivity and innovation within the financial sector.

Aiming to reduce transaction fees, decrease the number of direct participants, or eliminate the need for international transactions do not align with the core objectives of the program. Instead, the emphasis is on improving system robustness and inclusiveness, which directly supports the overall stability and effectiveness of the payments landscape.