The Bank of England said it plans to extend the operating hours of the UK’s core payments infrastructure systems to include Sundays and selected bank holidays, marking a significant step toward near 24/7 settlement capability.
Under the proposals, settlement hours for the Real-Time Gross Settlement (RTGS) and CHAPS networks would initially operate from 1:30 a.m. to 6:00 p.m. on Sundays and bank holidays. Christmas Day, New Year’s Day and Easter Sunday would remain excluded.
The central bank said the changes are not expected to be implemented before 2029, with any move toward significantly longer operating hours unlikely before 2031.
The initiative forms part of the Bank’s longer-term strategy to modernise Britain’s payment infrastructure and support faster, more flexible settlement across the financial system.
Extending settlement availability could improve resilience and efficiency for banks, businesses and financial markets, while also helping the UK payments system better align with increasingly digital and always-on global financial activity.
hat settlement at weekends and bank holidays offers greater risk reduction benefits as well as having greater potential to support innovation in payments and other financial services and should therefore be prioritised,” the BoE said in a consultation paper
