Date of meeting: 4 June 2026 The Chair introduced the first RTGS CHAPS Industry Forum. This group will meet regularly to provide industry input on a range of strategic issues relating to both the live operation and change roadmap for the RTGS and CHAPS services operated by the Bank. Topics will typically be brought while the Bank’s thinking is still developing, for early input and shaping. The Forum terms of reference are published on the Bank’s website. The Forum will not cover retail payments and wider wholesale innovation, except to the extent that it impacts on the Bank’s delivery and industry’s use of the RTGS and CHAPS services. The Bank set out relevant context for change plans for the RTGS and CHAPS services. The RTGS Renewal Programme has provided a strong foundation for ongoing change, with RTGS lying at the heart of an ecosystem anchored in central bank money, with interoperable and trusted infrastructure in which the private sector can innovate knowing they are building on a stable, coherent and predictable public sector foundation. The change roadmap for RTGS is shaped to respond to and support safe private sector innovation, while maintaining the resilience of the service. The Bank also summarised the work completed in the past year since the go-live of the renewed RTGS service, noting a focus on fixing minor defects present at go-live, developing roadmaps for future development, and policy and design work for future strategic enhancements. Members confirmed that this was a positive narrative that resonated with them. They asked what lessons had been learned from the RTGS Renewal Programme. The Bank referenced the positive reports by the National Audit OfficeOpens in a new window and Public Accounts CommitteeOpens in a new window, noting in particular that the Bank was continuing to invest significant time and resource upfront to identify clear scope and objectives for ongoing change, including with internal and external stakeholders, before moving to delivery. Other comments included the need to consider opportunities to join up resilience workstreams with other industry initiatives (eg Pay.UK resilience work) as well as innovation and data streams with ongoing work being co-ordinated by UK Government on improvements to and digitalisation of the home buying process. Members also raised the importance of continued improvements to the user experience and discussed the benefits and challenges of using purpose codes in payments to support operational resilience. The Bank shared a high-level roadmap for change to the RTGS and CHAPS services, covering both functional enhancements and strategic change. Members supported these plans, which covered the main enhancements they were expecting. There was significant discussion around the level of change both RTGS and other change initiatives would require across industry, the need for participants to respond to this, including via changes to business and operating models, as well as the impact that these changes could have on liquidity management, which will be a topic for a future meeting. Other points raised included the need for early signposting enhancements such as APIs to enable RTGS participants to secure investment funding to integrate APIs and realise the benefits, and the possible use of APIs to support delivery of some of the longer-term strategic plans. The Bank explained the work it has done on extending settlement hours. The Bank has already announced that it will be opening CHAPS from 1.30am from September 2027 and has recently published a consultation paper that sets out the vision for moving towards near 24/7 settlement, seeking industry input to determine the optimum path and timing for implementation. Members were pleased that industry was being given the opportunity to input on this important topic via the consultation. They confirmed that extending hours near 24/7 was the right direction of travel, but noted that risks were large, and the impact to industry was significant. This would be a big cultural shift, with success being dependent on wider change across the financial sector. They flagged some of the benefits of this change, including how this could enable wider benefits when combined with other change projects (eg digitalisation of property transactions). Extending hours in the early morning was seen as a sensible first step. There was substantive discussion about when the value date should cut-over, and whether this should be aligned to the calendar date or after CHAPS close earlier in the evening, with members raising implications for cross-border traffic and benefits of international alignment. Members also raised considerations around resolution and market stress. The Bank provided a brief update on retail fraud – with a claim limit of £85k in place since October 2024, aligned with that for Faster Payments. Close of meeting. Michael Jones, Chair (Bank of England) Akshat Sharia (HSBC) Alex Loyden (JP Morgan) Beth Rudolf (Conveyancing Association) Chloe Jenkins (Barclays) Doug Peel (Goldman Sachs) Emma Hagan (Clearbank) James Hockin (Nationwide) Jason Roberts (Santander UK) Jon Rushton (Modulr) Jo Oxley (Government Banking Service) Mark Goree (Fnality) Martin Beed (Northern Trust) Naresh Aggarwal (Association of Corporate Treasurers) Simon Eacott (Natwest) Simon McConnell (Citibank) Thair Hanif (Al Rayan Bank) Vishal Majithia (Coventry Building Society) Zachary Rakestraw (UBS) Jackie Keogh – Independent Member of RTGS CHAPS Board Noel Gordon – Senior Independent Member of the RTGS CHAPS Board Bank of England standing attendees, secretariat and presenters for specific items Paul Miles (EUI) Stuart Bailey (Lloyds)Summary
Item 1: Welcome, introductions and context
Item 2: Change – overall narrative and environment
Item 3: Change – priorities, sequencing and timings
Item 4: Strategy – near 24/7 settlement hours
Item 5: Any other business
Attendees
Members:
Other attendees:
Apologies:
FTSE Mondo Visione Exchanges Index:
Bank Of England: Summary Of The RTGS CHAPS Industry Forum - The First Meeting Of The RTGS CHAPS Industry Forum
Date 15/06/2026
