chair of the programme co - ordination board that oversees this work. 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. conclusion we are at a critical and exciting stage in our journey to the first iso 20022 migration, which that will lay the foundations upon which to build the payments industry that is fit for the future. i want to thank the industry for your engagement and inspiration to date and encourage you to prepare. the building of stonehenge was a feat of engineering and innovation. it also demonstrated how much people working together for a collective purpose can achieve. now through our collaborative endeavours we can achieve our vision for the future of payments. bringing real benefits to all users of payments. and shaping the payment landscape of tomorrow. i ’ ll leave you with a quote from albert einstein : “ innovation is everyone ’ s responsibility, not just r & ds. ” i am grateful to jason gorner, sita mistry, sophie dalzell, lisa donohoe, samantha leighton and james southgate for their help in preparing these

victoria cleland : a new dawn for payments speech by ms victoria cleland, executive director for banking, payments and innovation of the bank of england, at the city week 2021, 21 june 2021. * * * today ’ s date, 21 june carries with it a significance in the northern hemisphere : the summer solstice and the ‘ longest day ’. closely aligned to the summer solstice is stonehenge. on this day the sun rises behind the heel stone, the ancient entrance to the stone circle – rays of sunlight are channelled into the centre of the monument. the importance of stonehenge to the summer solstice dates back to its formation in c. 3, 000 bc. whilst payment methods in those times were primarily limited to exchanges of barley, the tools and transport involved in constructing the stones are a true feat of innovation. journeying distances of up to 160 miles with some stones weighing 30 tonnes well before the invention of the wheel – this historic monument is truly a masterpiece of engineering. the determination of those involved in its creation, was to build something not only for their immediate needs but for many generations to come. and we look forward to enabling the next generation of payments with the same a sense of excitement, determination and significance as those building stonehenge. the bank of england is currently in the midst of a ground - breaking multi - year programme to renew our real time gross settlement ( rtgs ) service : a programme that will not just enhance resilience but support greater competition and innovation. and this month marks just one year to go to our first key milestone on this journey : to move to the global standard for financial messaging in payments, iso 20022 ( on a like - for - like basis ), in june 2022 for chaps. we will transition to enhanced iso 20022 messaging in february 2023. and in september 2023, introduce a state - of - the - art core settlement engine : the heartbeat of the new rtgs service, and of the uk ’ s financial system. to achieve our milestones and to realise the benefits of rtgs renewal, we – and i mean all of us here today and the payments industry as a whole – must work together to be ready. we must turn excitement into action, following in the footsteps of our neolithic predecessors to build an infrastructure for the future. an infrastructure that supports the needs of industry, the needs of their customers, and crucially the needs of the end users. the critical