Industry engagement was crucial in creating our vision and remains crucial to ensure that the renewed service delivers this, provides what industry needs, and adapts to the fast moving world. We have developed a number of strategic and working level channels that provide input from across the payments industry. These include the Strategic Advisory Forum, which provides input and advice on the strategic direction of CHAPS and RTGS; the Senior Sponsors’ Body, providing strategic insights to the RTGS Renewal agenda; and the joint Bank/Pay.UK Standards Advisory Panel which has provided key expertise on the transition to ISO 20022.7 Membership of these bodies spans current CHAPS direct and indirect participants (old and new) and trade bodies, UK authorities, software vendors and corporate end users. Together these channels allow the voices of the industry and users to be listened to each step of the way. The Vision 8 which was developed in close collaboration with industry, The 2017 RTGS Renewal Blueprint, set out five guiding principles for the renewed RTGS service:  Higher resilience: Resilience to operational and security issues will continue to be at the heart of the new service with best-in-class resilience to withstand, and to recover from, the evolving threat landscape. Broader access: New types of payments system providers have already joined RTGS following our policy changes, and we welcome more. In the short term, as we transition to the new RTGS service, temporarily there will be reduced availability to onboard new participants to RTGS, including to CHAPS, from now until early 2024.

A number of actions have already been completed to enable the targets, currently being consulted on by the FSB, to be met.11 The importance of progress in this area was highlighted in the recent G7 Communique.12 The improvements we are making to RTGS, will help us to deliver key elements of the FSB roadmap. Key elements include the implementation of APIs, the capability to extend operating hours, synchronisation and our first key milestone of the implementation of the emerging global standard for financial messaging in payments ISO 20022. Future proofing the payments infrastructure Innovation is crucial to the future payments landscape. It is not a single act: it needs to be continuous. We are building a renewed RTGS service as a modular flexible platform so we can introduce new features in an agile flexible way with less cost and less risk, to enable us to respond more quickly to market changes and continued innovation in payment technologies. We 5/6  BIS central bankers' speeches  already plan further enhancements following the replacement of the new our core ledger in September 2023. This will include the ability to connect via multiple message networks, additional APIs, consideration of extended operating hours and synchronisation functionality. It will also include improved contingency functionality to enhance resilience. These ideas have been developed in conjunction with industry, and we will be consulting later this year to help to prioritise the enhancements. I encourage you to actively participate in this consultation and to help shape the next phase.