Parliament's spending watchdog has identified the Bank of England's recent large-scale technology transformation as a rare example of public sector success.
Reporting on the implementation of the £431 million Real-Time Gross Settlement (RTGS) system, the Public Accounts Committee (PAC) noted that the UK central bank successfully navigated the common pitfalls that typically plague major long-term digital programs.
According to reports from theregister.com, the committee is urging other government bodies to study the project rather than simply reviewing past failures. The PAC challenged organizations to "learn and incorporate lessons from an all too rare positive example of public and sector digital transformation, to improve government's implementation of such programs."
This recommendation stands in stark contrast to recent high-profile UK government IT failures. The Emergency Services Network is currently estimated to be 12 years behind schedule and £3 billion over budget. Similarly, the National Savings & Investments (NS&I) digital overhaul is reportedly £1.3 billion over budget and facing a four-year delay, a project the PAC previously described as a "full spectrum disaster."
A blueprint for digital delivery
The RTGS project's success stemmed from an extensive two-year planning phase. Starting in 2017, the Bank established a blueprint centered on five key priorities, investing significant resources into analysis and design before major implementation began.
The Bank utilized input from technical, procurement, and payments specialists while consulting with industry peers and other central banks. During procurement, the Bank used an unusual method for the public sector: paying unsuccessful bidders to design a simplified payment system to help refine the final contract requirements.
The program, which began planning in 2016 and went live in April 2025, replaces aging mainframe technology with cloud-native architecture. The system currently handles sterling payment settlements totaling approximately £790 billion every day.
To ensure long-term stability, the Bank focused on retaining intellectual property and building internal capabilities. Nathan Monk, the Bank of England's chief information officer, told the committee in March that the Bank embedded staff within the Accenture technical delivery team early in the contract to grow in-house expertise.
"It has been a conscious decision. We embedded people in the Accenture team really early on, and we've grown that capability throughout the time as well," Monk said.
The PAC has now recommended that the Cabinet Office and the Department for Science, Innovation and Technology update their commercial guidance. The committee argues that agencies must ensure technical specialists are fully engaged before contracts are awarded to ensure delivery timelines and costs are realistic.
