BoE’s Andrew Hauser says RTGS needs to move with the times
Executive director speaks on the risks and benefits of upgrading the UK’s core payments infrastructure
The Bank of England (BoE) is seeking to balance risks from ageing technology with the dangers posed by too much innovation too fast, according to executive director Andrew Hauser.
Hauser – whose remit covers banking, payments and financial resilience – is overseeing the central bank's move to a new real-time gross settlement (RTGS) system. The current system is around 20 years old, and suffered an outage in 2014. All payments were ultimately cleared, but the system was down for nine hours.
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