The European Central Bank’s (ECB) decision to delay its move to a new messaging standard in 2022 ended up costing the Bank of England £23 million as it was forced to adjust migration to a new settlement system to avoid compounding risks. The UK central bank’s £431 million project to move to a Real-Time Gross Settlement (RTGS) system was largely a success, according to spending watchdog the National Audit Office (NAO), despite being replanned four times and seeing costs increase by £56 million beyond the original contingency plans.

Source: The Register