BoE hires Accenture in £150m deal to overhaul payments system

Jul 30, 2020 - City AM

The Bank of England has hired IT consulting firm Accenture to refresh a key part of the UK’s crucial payments system in a deal worth up to £150m.

The firm will overhaul the real-time gross settlement (RTGS) service, the backbone of the country’s huge payments system.

Read more: Bank of England could extend bank dividends suspension

RTGS settles an average £685bn of payments each working day. It is where banks hold their sterl...