BoE Picks Accenture To Update UK's Payments System

Law360, London (July 30, 2020, 1:48 PM BST) -- The Bank of England said Thursday it has appointed professional services firm Accenture plc to help upgrade the U.K.'s £685 billlion-a-day ($891 billion) payments system with new digital technology.

The Bank of England said it awarded the Irish-based firm the the contract, worth £150 million, after a public procurement process. The contract is to upgrade and improve the so-called Real Time Gross Settlement service, or RTGS, which is the platform that holds sterling cash balances for all U.K. banks.

"The Renewal Programme is a key priority not just for the bank but also the wider U.K. payments industry," said Victoria Cleland,...

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