Bank of England has selected Accenture for the overhaul of its Real-Time Gross Settlement (RTGS) service.
The company was selected through a public procurement process that commenced in February last year.
As agreed, Accenture will serve as a technology delivery partner for the RTGS Renewal Programme.
The RTGS service serves as a critical component in UK payment infrastructure. It holds accounts for banks, building societies and other institutions enabling real-time settlements between account holders.
According to Bank of England, the system processes nearly £685bn worth of transactions every working day.
Under the renewal programme, a new RTGS platform will be developed and integrated to improve data access.
The overhauled RTGS service will also provide access to more firms, ensure wider interoperability and bolster end-to-end risk management.
The renewed system is due to start being delivered in 2022.
Bank of England Banking, Payments and Innovation executive director Victoria Cleland said: “This is a key milestone in our ambitious and exciting Programme to renew RTGS. I look forward to working with Accenture, and with the industry, to develop and deliver a system that is fit for the future, supporting continued innovation in UK and global payments.
“The Renewal Programme is a key priority not just for the Bank but also the wider UK payments industry. It will support a resilient financial system that protects the UK’s financial and monetary stability in the years to come.
“The renewed RTGS service will be designed not only to benefit everyone in the country who makes payments, but to keep the UK at the leading edge of payments innovation.”