BoE publishes RTGS and CHAPS 2024/25 annual report

The Bank of England (BoE) has published its 2024/25 annual report for the Real-Time Gross Settlement (RTGS) system and CHAPS, marking the successful completion of the RTGS Renewal Programme with the launch of RT2 in April. RT2 introduces a new core ledger and settlement engine, enhancing resilience, security, and functionality, including ISO 20022 messaging and extended automation. Looking ahead, the BoE is shifting towards an "ongoing programme of change" focused on continuous improvement to further strategic deliverables. This includes the following as set out below.

In particular:

• A series of maintenance releases to address minor defects, enhance functionality, and update the CHAPS ISO 20022 messaging format.
• Progressing the Future Roadmap for RTGS, which prioritises: i) extended settlement hours, with the first consultation published in July; (ii) a synchronisation interface to enable interoperability with other ledgers and technologies (e.g. overseas RTGS systems and assets such as land registries), and to support new payment technologies like distributed ledger technology (DLT). A Synchronisation Lab will launch in 2026 to test messaging flows in a non-live environment; and (iii) new ways to connect to RTGS to enhance resilience and adaptability in response to emerging services and evolving threats.
• Maintaining the current CHAPS authorised push payment fraud reimbursement limit of GBP85 000, given that many payment service providers voluntarily reimburse above this threshold. The BoE will continue to monitor developments and engage with the UK Payment Systems Regulator on this.
• Mandating the use of enhanced data in CHAPS payments, including structured purpose codes, Legal Entity Identifiers, and standardised address and remittance formats. More detail on the BoE's proportionate approach is set out in its 2024 policy statement on enhanced data in CHAPS. A consultation response, expected in Q3, will outline further mandatory requirements from 2027.
• Introducing an annual change management process for changes to the ISO 20022 implementations for RTGS and CHAPS, aligned with international standards and timelines to maintain interoperability.

The report also includes an annex featuring some of the BoE's speeches which provide greater context on the BoE's broader ambitions in the payments sector.

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