The Bank of England has completed its transition of the £431 million Real-Time Gross Settlement (RTGS) system away from Accenture, with the last Accenture employee leaving on February 27, 2026. Deputy governor Dave Ramsden told MPs the bank now holds all in-house skills and intellectual property needed to operate and enhance the system, which processes £790 billion in transactions daily. The bank deliberately embedded its own staff in Accenture teams throughout the project to build internal capability and avoid the vendor lock-in that has plagued other UK government departments. The new platform replaced aging mainframe technology with cloud-native architecture and went live in April 2025, coming in 15% over budget at £431 million but still below industry norms for comparable projects. Annual operating costs have roughly doubled to £41 million, reflecting the shift of technical expertise in-house.
