--- title: "Bank of England brings £431M settlement system in house" url: https://daily.dev/posts/bank-of-england-brings-431m-settlement-system-in-house-m3cghgkbv source_url: https://go.theregister.com/feed/www.theregister.com/2026/03/03/bank_of_england_accenture/ type: article source: "The Register" published: 2026-03-03T13:19:10.229Z updated: 2026-03-03T13:19:33.389Z tags: ["business", "cloud-native", "fintech"] reading_time: 4 upvotes: 0 comments: 0 language: en --- > ## Documentation Index > Fetch the complete documentation index at: https://daily.dev/llms.txt > Use this file to discover all available pages before exploring further. # Bank of England brings £431M settlement system in house **[The Register](https://daily.dev/sources/theregister)** · 4 min read · 0 upvotes · 0 comments ## Summary 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. ## Full article daily.dev links to this article rather than hosting it. Read it at the original source: ## Similar posts on daily.dev - [ECB messaging project delay cost Bank of England £23M](https://daily.dev/posts/ecb-messaging-project-delay-cost-bank-of-england-23m-cwed3m5ve) · The Register · 0 upvotes · 0 comments - [Bank of England: Oracle cloud migration project bill triples](https://daily.dev/posts/bank-of-england-oracle-cloud-migration-project-bill-triples-embaioy3p) · The Register · 0 upvotes · 0 comments - [UK Home Office hikes tech consultant spend to £350M](https://daily.dev/posts/uk-home-office-hikes-tech-consultant-spend-to-350m-wur4grcez) · The Register · 0 upvotes · 0 comments - [UK Treasury unsure about joining £1.7B program it is funding](https://daily.dev/posts/uk-treasury-unsure-about-joining-1-7b-program-it-is-funding-p7zahwciu) · The Register · 0 upvotes · 0 comments --- Tags: [#business](https://daily.dev/tags/business), [#cloud-native](https://daily.dev/tags/cloud-native), [#fintech](https://daily.dev/tags/fintech) [View this post on daily.dev](https://daily.dev/posts/bank-of-england-brings-431m-settlement-system-in-house-m3cghgkbv)