The Bank of England has initiated a formal consultation as of May 18 to explore the extension of Real-Time Gross Settlement (RTGS) and Clearing House Automated Payment System (CHAPS) towards nearly 24/7 settlement operations. According to NS3.AI, the proposal includes the introduction of a potential Sunday settlement day and selected UK bank holidays, although no changes are expected before 2029, with extended hours not anticipated before 2031.
In addition to the settlement extension, the Bank of England and the Financial Conduct Authority (FCA) have outlined a joint vision for tokenization. The Prudential Regulation Authority (PRA) has also released updated guidance concerning tokenized asset exposures, deposits, e-money, and stablecoins. This move reflects a broader effort to adapt to evolving financial technologies and enhance the efficiency of financial transactions.