, the bank hopes to encourage a greater diversity of players in the payments market, thereby encouraging innovation and competition through development of new business models, new products and services and ultimately cheaper and more efficient payments. this is an ambitious programme - and rightly so. the bank is on track against published milestones. having defined the programme scope, with input from the payments industry, we are now running a competitive procurement process under the official journal of the european union to appoint a technology delivery partner. they will work with the bank on the design and build of the core settlement engine. we plan to enter the contract with the technology delivery partner in may 2020. all speeches are available online at www. bankofengland. co. uk / news / speeches we then move to delivery, with the first technology changes in the first half of 2022. in light of other international migration plans, the bank is revisiting its approach to the introductory phase of iso 20022 implementation in 2022 – in particular on how we can support early adopters of enhanced iso 20022 data. we are conducting industry engagement to inform our decision and would welcome input from interested parties. and the most significant moment is when we replace the core rtgs service, planned for 2023. additional functionality will be delivered in 2024, to further drive innovation and change. for example we will introduce read / write apis and are exploring the ability to synchronise the settlement of a payment in sterling central bank money to be coordinated with the transfer of one or more assets. the programme is expected to close in 2025. it will be an exciting few years! iso 20022 one way in which rtgs renewal can promote resilience and efficiency is through greater interoperability across payment systems. could, for example, chaps be used as a contingency mechanism in the event of a retail payment system outage? key to this is the introduction of a new payment messaging standard for uk payments, iso 20022 : the emerging global standard. following a consultation in 2018, 8 the bank and pay. uk will introduce a common credit message across chaps, bacs and fps which will bring greater message harmonisation for the uk ’ s main interbank payment systems. the bank is also engaging with other high value payment system operators to ensure the standard is compatible with the emerging international consensus. this is an exciting and important initiative which will bring significant and long term benefits for a wide range of firms. a recent key

turbo - charging sterling libor transition : why 2020 is the year for action – and what the bank of england is doing to help speech given by andrew hauser, executive director, markets international swaps and derivatives association / sifma asset management group benchmark strategies forum, london wednesday 26 february 2020 i am grateful to sarah hall for co - writing this speech – and to amber evans, alastair hughes, wayne leslie, will parry, rhys phillips, edwin schooling latter, dave ramsden and francesca zwolinksy for their advice and comments. all speeches are available online at www. bankofengland. co. uk / news / speeches introduction 2020 is a critical year for libor transition. great progress was made in 2019, particularly in sterling wholesale markets – and i want to give special thanks to the part that isda ’ s support and leadership has played in that. but, with the finish line for libor now clearly in view, there is still a lot of ground to cover – particularly in the cash markets. we need to see another decisive acceleration in effort in 2020 to ensure risk - free rates are adopted across the full range of sterling business, and libor is left behind for good. the motor racing analogy is apt, because libor transition is complex, fast - paced and – above all – a team effort. the green lights came on some time ago, and the private sector has been decisively – and rightly – leading from the front. the chronic lack of underlying transactions1 means that libor is simply too fragile a benchmark to support a sustainable business model – indeed its continued existence poses material risks to financial stability, both in the uk and globally. that ’ s why in the race to say goodbye to libor, it is firms ’ own business leads, project managers and subject matter experts that are designing and driving the cars, supplying the tyres, and running the pit crews – re - engineering systems, innovating new financial products and services, and delivering them to customers. but it ’ s not just a firm - by - firm effort : it ’ s cross - market too. under the leadership of tushar morzaria, barclays ’ cfo, the sterling risk free rate working group and its various offshoots have brought together over 200 industry experts to solve collective problems. that includes setting the route map to the chequered flag – the latest version of which was released in january ( figure 1 ). 2 amongst many