• August 10, 2020

Bank of England Selects Accenture to Renew Its Real-Time Gross Settlement Service - Odessa American: Business

e-Edition Subscribe

Bank of England Selects Accenture to Renew Its Real-Time Gross Settlement Service

Print
Font Size:
Default font size
Larger font size

Posted: Thursday, July 30, 2020 3:59 am | Updated: 4:32 am, Thu Jul 30, 2020.

LONDON--(BUSINESS WIRE)--Jul 30, 2020--

Accenture (NYSE: ACN) has been selected to work with the Bank of England to renew the Real-Time Gross Settlement (RTGS) service to support resilience and innovation in payments and settlements in the U.K.

In this role, Accenture will be the technology delivery partner for the RTGS Renewal Programme, working with the Bank of England to deliver this critical national payments infrastructure. The RTGS Renewal Programme includes building and integrating the new RTGS platform and improving data access and providing a service that will support the financial services sector and their customers in the years to come.

The RTGS service is the infrastructure that holds accounts for banks, building societies and other institutions delivering final and risk-free settlement. The service plays a critical role in the U.K. economy, processing approximately £685 billion worth of transactions each working day.

The renewed RTGS service will be designed to respond to the changing structure of the financial system, give access to a wider number of firms, ensure resilience is at the heart of the service, offer wider interoperability and improved functionality, and strengthen end-to-end risk management of the U.K.’s high value payment system.

Sulabh Agarwal, a managing director at Accenture who leads its global payments practice, said, “The RTGS Renewal Programme will enable the Bank of England to enhance its critical infrastructure in one of the most important initiatives for the U.K. payments system. The rise of digital and instant payments in recent years has dramatically changed the way we pay, reflecting changes in the needs of households and companies. The renewed system will enable financial institutions to access a more modern and secure payments platform which is fit for the future.”

The RTGS Renewal Programme is being delivered in multiple transition states to minimise risk and is expected to run until 2025. More information can be found on the Bank of England’s website.

Notes to editors

The Bank of England’s announcement about this project can be found here.

About Accenture

Accenture is a leading global professional services company, providing a broad range of services in strategy and consulting, interactive, technology and operations, with digital capabilities across all of these services. We combine unmatched experience and specialized capabilities across more than 40 industries – powered by the world’s largest network of Advanced Technology and Intelligent Operations centres. With 513,000 people serving clients in more than 120 countries, Accenture brings continuous innovation to help clients improve their performance and create lasting value across their enterprises. Visit us at www.accenture.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20200730005073/en/

CONTACT: Petra Shuttlewood

Accenture

+44 7887 792214

petra.shuttlewood@accenture.com

KEYWORD: UNITED KINGDOM EUROPE

INDUSTRY KEYWORD: PROFESSIONAL SERVICES DATA MANAGEMENT TECHNOLOGY SOFTWARE FINANCE NETWORKS BANKING

SOURCE: Accenture

Copyright Business Wire 2020.

PUB: 07/30/2020 04:59 AM/DISC: 07/30/2020 04:59 AM

http://www.businesswire.com/news/home/20200730005073/en

© 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Odessa, TX

Current Conditions

Sunny
77°
Humidity: 62%
Winds: SSE at 17mph
Feels Like: 77°

Your Extended Forecast

Tomorrow

weather
High 101°/Low 74°
Plenty of sun. Highs 99 to 103F and lows in the mid 70s.

tuesday

weather
High 102°/Low 75°
Mainly sunny. Highs 100 to 104F and lows in the mid 70s.

wednesday

weather
High 103°/Low 75°
Sunshine. Highs 101 to 105F and lows in the mid 70s.
Online Features

Pet Central

pets

Having a pet is a lot of responsibility, and we’ll help by giving you lots of tips and tricks! More >>

Fitness

Fitness

Our fitness articles will help teach you how to work out with gym- and home-based exercises. More >>

Crosswords

Crosswords

Enjoy the crosswords challenge in our free daily puzzles, from the harder Sunday crossword to the quicker daily. More >>

Sudoku

Sudoku

Every Sudoku has a unique solution that can be reached logically. Enter numbers into the blank spaces so that each row, column and 3x3 box contains the numbers 1 to 9. More >>




  • ALL-ACCESS: Subscribe to our e-edition and premium website at myoaoa.com.
    You can read your daily newspaper without taking a walk to the driveway.
    Look back at yesterday's newspaper, or issues from months ago with our archive feature.
    Call circulation at 432-337-7314 to sign up today.