July 30, 2020 / 9:47 AM / 16 days ago

Bank of England hires Accenture for 150 million pound overhaul of UK payment system

FILE PHOTO: A security officer stands outside the Bank of England in London, Britain, March 23, 2020. REUTERS/Toby Melville//File Photo

LONDON (Reuters) - The Bank of England said on Thursday it had hired IT consulting company Accenture (ACN.N) to overhaul part of Britain’s payments infrastructure, in a contract worth up to 150 million pounds ($195 million).

“The Renewal Programme is a key priority not just for the Bank but also the wider UK payments industry,” said Victoria Cleland, the BoE’s executive director for banking, payments and innovation.

“It will support a resilient financial system that protects the UK’s financial and monetary stability in the years to come.”

The project to overhaul RTGS, which currently handles 685 billion pounds a day in payments between large financial institutions, is due to start being delivered in 2022.

Reporting by Andy Bruce, editing by David Milliken

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