Bank of England/Accenture drive new payment infrastructure
In a recent announcement made by Accenture, the multinational consultant company has been selected to work with the Bank of England to renew the real time gross settlement (RTGS) servic. The partnership will support resilience and innovation for payments and settlements in the UK.
As part of the partnership, Accenture’s role will be the technology delivery partner for the RTGS Renewal Programme. Accenture will work with the Bank of England in order to deliver the critical national payments infrastructure needed.
The RTGS Renewal Programme includes the building and integration of the new RTGS platform, as well as improving data access and support for the financial services sector and their customers in the future.
What is the RTGS?
“The RTGS service is the infrastructure that holds accounts for banks, building societies and other institutions delivering final and risk-free settlement. The service plays a critical role in the U.K. economy, processing approximately £685 billion worth of transactions each working day,” commented .
The renewed service will be designed in response to the changing structure of the financial system, provide access to a wider number of firms, ensure resilience, provide wider interoperability and improve functionality, and strengthen end-to-end risk management.
The RTGS Renewal Programme will be delivered in multiple transition states in order to minimise the risk and will run until 2025.
“The RTGS Renewal Programme will enable the Bank of England to enhance its critical infrastructure in one of the most important initiatives for the U.K. payments system. The rise of digital and instant payments in recent years has dramatically changed the way we pay, reflecting changes in the needs of households and companies. The renewed system will enable financial institutions to access a more modern and secure payments platform which is fit for the future,” commented Sulabh Agarwal, a managing director at Accenture who leads its global payments practice.
Accenture is a leading global professional services company. The company provides a range of services including: strategy and consulting, interactive, technology and operations.
“We combine unmatched experience and specialised capabilities across more than 40 industries – powered by the world’s largest network of Advanced Technology and Intelligent Operations centres. Accenture brings continuous innovation to help clients improve their performance and create lasting value across their enterprises.”
About the Bank of England
The Bank of England is the UK’s central bank, one of its main jobs is to ensure that those making payments can make them easily and securely in the UK. The Bank of England also works to keep the cost of living stable and regulate the UK banks and financial institutions.
GfK and VMware: Innovating together on hybrid cloud
GfK has been the global leader in data and analytics for more than 85 years, supplying its clients with optimised decision inputs.
In its capacity as a strategic and technical partner, VMware has been walking GfK along its digital transformation path for over a decade.
“We are a demanding and singularly dynamic customer, which is why a close partnership with VMware is integral to the success of everyone involved,” said Joerg Hesselink, Global Head of Infrastructure, GfK IT Services.
Four years ago, the Nuremberg-based researcher expanded its on-premises infrastructure by introducing VMware vRealize Automation. In doing so, it laid a solid foundation, resulting in a self-service hybrid-cloud environment.
By expanding on the basis of VMware Cloud on AWS and VMware Cloud Foundation with vRealize Cloud Management, GfK has given itself a secure infrastructure and reliable operations by efficiently operating processes, policies, people and tools in both private and public cloud environments.
One important step for GfK involved migrating from multiple cloud providers to just a single one. The team chose VMware.
“VMware is the market leader for on-premises virtualisation and hybrid-cloud solutions, so it was only logical to tackle the next project for the future together,” says Hesselink.
Migration to the VMware-based environment was integrated into existing hardware simply and smoothly in April 2020. Going forward, GfK’s new hybrid cloud model will establish a harmonised core system complete with VMware Cloud on AWS, VMware Cloud Foundation with vRealize Cloud Management and a volume rising from an initial 500 VMs to a total of 4,000 VMs.
“We are modernising, protecting and scaling our applications with the world’s leading hybrid cloud solution: VMware Cloud on AWS, following VMware on Google Cloud Platform,” adds Hesselink.
The hybrid cloud-based infrastructure also empowers GfK to respond to new and future projects with astonishing agility: Resources can now be shifted quickly and easily from the private to the public cloud – without modifying the nature of interaction with the environment.
The gfknewron project is a good example – the company’s latest AI-powered product is based exclusively on public cloud technology. The consistency guaranteed by VMware Cloud on AWS eases the burden on both regular staff and the IT team. Better still, since the teams are already familiar with the VMware environment, the learning curve for upskilling is short.
One very important factor for the GfK was that VMware Cloud on AWS constituted an investment in future-proof technology that will stay relevant.
“The new cloud-based infrastructure comprising VMware Cloud on AWS and VMware Cloud Foundation forges a successful link between on-premises and cloud-based solutions,” says Hesselink. “That in turn enables GfK to efficiently develop its own modern applications and solutions.
“In market research, everything is data-driven. So, we need the best technological basis to efficiently process large volumes of data and consistently distill them into logical insights that genuinely benefit the client.
“We transform data and information into actionable knowledge that serves as a sustainable driver of business growth. VMware Cloud on AWS is an investment in a platform that helps us be well prepared for whatever the future may hold.”