RTGS Renewal Roundup - July 2024

Hello,

Welcome to the latest edition of the RTGS Renewal Programme LinkedIn Roundup.

For all the up-to-date news, and information going on in the world of RTGS Renewal.

Since our last issue in May, we have successfully completed internal Dress Rehearsal 1B which took place 17– 22 May, in a preproduction environment, where transition to the new core ledger and settlement engine was effectively proven.

Following that, on 21 - 24 June we concluded Dress Rehearsal 2, once again in a preproduction environment, but this time with active participation from around 25 external participants, including a dozen CHAPS Direct Participants, the operators of retail payment systems that settle in RTGS and a number of Reserves/Settlement Account Holders.

Dress Rehearsal 2 was, by design, a simulated ‘no-go’ decision so we could test reversion during the weekend. Over the course of the weekend, the Bank successfully cut over to the TS3 core ledger and settlement engine, switched between sites, invoked MIRS, reverted to TS2.1 and undertook multiple rounds of business and participant proving.?

In other news:

• Dress Rehearsal (DR3) will take place from in September involving a wider sub-set of external participants.
• From early June, we have introduced heightened governance of changes to the TS3 environment to manage risk.
• We are continuing to conduct a mirroring test phase to prove that we can consistently reconcile transactions between RT1 and RT2 using historical transactions. The Bank has reconciled the output of multiple days of historic activity, with all payments and liquidity movements being successfully processed through the new core. Mirroring will continue to prove reconciliation across a broad range of historic dates.?
• Watch edited highlights from our recent series of informative webinars exploring the benefits of ISO 20022 data in payments. Discover how the new global standard is transforming financial messaging and unlocking new possibilities for corporate businesses and financial institutions.

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