the list are : new ways to connect to rtgs, a synchronisation interface to connect rtgs with other ledgers, and extended rtgs operating hours. if implemented, they will achieve ever - higher degrees of resilience and facilitate industry's innovation and competition : they will be key to helping us deliver wholesale enhanced digital money. for example, a synchronised settlement interface would allow linking the transfer of funds in rtgs with the transfer of funds or assets on other external ledgers to achieve conditional settlement. the introduction of synchronised settlement would put us in a strong position to integrate central bank digital money in rtgs with innovative technologies ( such as distributed ledger ). it would allow rtgs to interoperate with other asset ledgers, such as land registers or overseas rtgs systems, helping reduce settlement risk and liquidity costs for a wide range of markets. synchronisation would allow market participants to create innovative services backed by the security of central bank money, and offer their customers a faster, cheaper and safer method of transactions. 3 / 5 bis - central bankers'speeches we have already tested this concept through project meridianopens in a new window – an exciting collaboration with bank of international settlement ( bis ) innovation hub london centre and private sector partners. this saw a successful development of a technical prototype for synchronised settlement, using housing transactions as an exploratory use case. it concluded, among other things, that synchronisation can improve the efficiency of transactions by automating processes that are currently manual. this is relevant for house purchases but also other types of transactions – we are currently considering a generic synchronisation interface that is asset - agnostic. many of you are already working closely with us to assess business cases and shape the high - level design of priority roadmap features. engaging with the industry is so important because you are our customers, who need to trust that we will deliver the changes you need, at the right time and in a safe manner. we will need to continue this close collaboration through all stages of service design and delivery. these innovative features will help us make uk payments more efficient. and furthermore, many of these features will also play an important role in helping us meet the ambitious g20 targets3 for enhancing cross - border payments, many by 2027. jurisdictions across the globe are now focusing their efforts to address the four challenges of cross - border payments : cost, speed, transparency

and access. the bank of england is an active advocate of this work : helping to develop the building blocks and actions ; contributing to several workstreams ; monitoring progress including through the fsb cross - border delivery group which i chair ; and very importantly making changes to our rtgs. conclusion working together to realise the benefits of the three key phases of rtgs renewal benefits will lead to a step change in payments. it can catalyse innovation and promote resilience for financial institutions, which would ultimately make domestic and crossborder payments faster, cheaper and safer for customers. but we need your help to achieve that. in the short term, we need to focus collectively on transitioning to the new core settlement engine next summer. and we want your inputs in : shaping the future rtgs roadmap and cross - border payments work ; assessing business cases for innovative rtgs features ; responding to our upcoming consultations on rtgs operating hours and rtgs access, and considering further use cases for iso 20022. to quote sir winston churchill, whose image on the £5 note maybe in the change in your wallet, " to improve is to change : to be perfect is to change often ". our vision is to change often, and to do so in partnership with industry. i would like to thank dovile naktinyte, karin oldham, elizabeth leather, james southgate, and mark streather for their help in preparing these remarks. 4 / 5 bis - central bankers'speeches 1 uk finance are hosting a digital innovation summit in october 2023. ahead of the summit, uk finance will be running an'ideathon': a hackathon of ideas where industry teams will be invited to develop ideas on how the implementation of iso 20022 could provide tangible benefits to their customers when they make and receive payments. the winner will be announced in october at the summit. 2 as part of our work to enhance the liquidity saving mechanism in chaps, we have finalised a new set of matching algorithms for implementation in the renewed rtgs service. the enhanced matching algorithms will more efficiently match incoming and outgoing chaps payments – this will ultimately reduce the value of intraday liquidity required to settle payment obligations in chaps. 3 targets for addressing the four challenges of cross - border payments : final report - financial stability board ( fsb. org ) opens in a new window 5 / 5 bis - central bankers'speeches