PSC System Controller - Banking, Payments and Innovation Directorate

Bank of England London a month ago

PSC System Controller - Banking, Payments and Innovation Directorate

- (004616)
Primary Location UK-ENG-London
Job Banking Operations
Organisation BPI DIR
Job Posting 22-Jan-2021, 5:48:45 AM


Banking, Payments and Innovation Directorate supports the Bank’s mission to maintain monetary and financial stability by using and sharing its expertise to: develop and operate resilient and efficient banking, payment and custody services; set and influence policy; and to promote innovation.

We are at the heart of the Bank both in terms of our core role in Monetary and Financial Stability, and the wide range of internal stakeholders we collaborate with. BPI has a lead role in one and a significant role in four of the Bank’s strategic priorities. The variety and immediacy of the work we do means we are one of the most outward facing and fast moving areas of the Bank, operating the UK's high value payments system (the Real Time Gross Settlement System and CHAPS), maintaining the Bank’s readiness to provide Emergency Liquidity Assistance to banks and other financial institutions, and acting as the 'bank' within the Bank of England for government, UK CCPs and other central banks.

Department Overview

The Payment Systems and Communications team within the Markets Services Division (part of BPI) provides operational services to internal and external customers to support the Bank’s core purposes through developing and operating the RTGS (Real Time Gross Settlement) system. The RTGS service supports accounts for banks, building societies, financial market infrastructures, and most recently, non-bank payment service providers, and provides sterling settlement services for Bacs, CHAPS, Cheque & Credit, CREST, Faster Payments (FPS), LINK, Visa and cheque clearing. Most payments in the UK eventually pass through the RTGS service, and on average over £600billion of payments are settled through the system each day - roughly equivalent to the UK’s GDP every three days

The Team

We have a vibrant team operating across two sites located in the City of London and Essex (within commutable distance). Our team’s primary responsibility is running RTGS which lies at the heart of the payment and settlement infrastructure of the UK. The role of the team is very high profile since the reliability and resilience of RTGS is crucial for the monetary and financial stability of the UK. There is a good mix of both operational and project work providing opportunities for you to handle a variety of responsibilities, attending internal and external meetings and liaising with diverse stakeholders. This is a fantastic chance to experience these opportunities in a critical team with long term career opportunities.

Job description

The Bank of England’s role in payments:

The Bank is the operator of the CHAPS payment system. CHAPS is used for money market and foreign exchange transactions that may be several hundred million pounds. It is also used for large payments such as for taxes and to suppliers. Individuals often use CHAPS when buying a house or a car.

CHAPS is a sterling same-day system that settles high-value payments as well as time-critical payments. Our Market Services Divisions sets the ‘rulebook’ for the banks and other organisations that use CHAPS and manages risk across the end-to-end CHAPS system. We also provide the settlement infrastructure – RTGS – which is used for CHAPS.

When you ask your bank to make a CHAPS payment for you, it sends the payment request to the Bank of England. We check that the bank has enough money in their RTGS account with us, and if so, confirm that the payment has been made. The receiving bank then passes the money onto the person or business you want to pay.

CHAPS payments are settled individually in real-time in our RTGS system – the system you would be running. For the retail payment systems, the companies that manage them add up all of the payments and send us the net figures. It is these net figures which are then debited and credited to account in our RTGS system.

We also provide payment facilities to members of CREST, CLS, Faster Payments, BACS, Cheque & Credit, ICS, LINK, VISA and the Notes Circulation Scheme.

Your role will be to administer the running of the RTGS system within the Bank of England that ultimately settles these payments.

RTGS is the most significant system run by the Bank of England and supports the UK’s most critical payment and other financial infrastructures. You have the opportunity to learn and influence how the settlement infrastructure works. Your role directly contributes to the financial stability of the UK and a background with the Bank on such a high profile team provides great future prospects.

More information on Payments and Settlements can be found


Your Role:

As part of our team, you will be responsible for operating and monitoring activity on RTGS and other critical systems according to their daily schedule across a number of flexible shifts. You’ll ensure that management and participants are immediately aware of any issues.

  • Operating RTGS and other associated systems
  • Participation in (and at times leading) varied and interesting project work such as automation initiatives, technical upgrades and new participant on-boardings
  • To become fully conversant with all aspects of the area's contingency and standby arrangements for both system and environmental failures
  • Building working relationships with external parties, CHAPS Direct Participants, Reserve Account Holders, CREST and the retail payment schemes etc.
  • Provide internal communication including Senior Management/Heads of Divisions and other areas within the Bank such as Technology, Testing Services, Test Practice and Customer Banking Division.

Essential Criteria

Essential skills/competencies required for this role include:

  • Ability to work accurately and to deadlines;
  • Strong problem-solving skills
  • Experience of working in an operational environment
  • Good problem solving skills;
  • Positive attitude to change;
  • The ability to work accurately and to tight operational deadlines;
  • Ability to assess how actions/changes impact on other areas/teams;
  • Inclusive and open - good interpersonal and communication skills;
  • Collaborative – a good team player;

Desirable, but not essential skills/competencies:

  • Good IT skills;
  • Knowledge of banking/payments systems and software such as SWIFT and STAR;
  • Understanding of banking/the payments landscape
  • Previous experience of project work/ change implementation.
  • MS Office skills

In return for your skills and enthusiasm we offer you:

  • Full, structured, on-the-job training in RTGS and all its supporting systems.
  • A deep understanding of RTGS and its stakeholders.
  • A good work life balance

The PSC working day is split into shifts that operate between the hours of 04:30 and 20:00 Monday to Friday. They are divided into early, middle and late shifts across both our London and Debden (Essex) sites.

Shift Hours/Pattern

  • Early: 04:30-11:30
  • Middle: 09:00-17:00
  • Late: 10:00-18:00
  • Close: 12:00-20:00

You will be required to work five (seven-hour) days out of seven in a normal working week. This will be a mixture of weekend and week days. Where you work a day at the weekend, you will be awarded a day off in the week either prior to, or following, that weekend. For example, if you work a Saturday you will only work four out of the five week days in the week leading up to or after that weekend, maintaining your 35 hour working week.

Shifts are worked out on a rota basis and are arranged approximately three months in advance. Travel to work in anti-social hours is arranged via a taxi service which is paid for by the Bank and there is no overnight working.

Inconvenience payments will be paid where there is an extremely early start, on Bank Holidays and for any early shifts where these number more than 25 in a 3-month period. Should you be required to work a weekend day in addition to your normal five week days, for instance where a day off in the week cannot be covered, you will be paid overtime for the weekend hours worked.

Additional hours to your normal 35 hour working week may sometimes be required and these will be paid as overtime.

The Bank of England is a distinctive institution and our rewards are one of the things that set us apart. As well as enjoying a competitive salary you will work in a collaborative, inclusive environment, with a subsidised restaurant, flexible working opportunities and plenty of wellbeing initiatives.

This specific role offers a base salary of £30,400 per annum including our comprehensive benefits package;

  • Private medical insurance and income protection insurance.
  • Membership to the Bank's pension scheme (non-contributory, career average). This can be dialled down to enable you to take home up to 7% in additional pay.
  • 25 days holiday with option to buy up to 13 additional days.
  • In addition to the core benefits listed above, we also offer a 7% flexible benefits allowance, which you can either take as salary or use to pay for your choice of a range of benefits including gym membership and private health insurance for partners or family.

We anonymise applications so hiring managers will not be able to see your personal information such as name and address when reviewing your submission, including your CV.

Please complete work history and the application form questions as requested because incomplete submissions may not be reviewed.

We continue to build an inclusive culture where everyone can be their whole selves and produce their best work. Our focus on inclusion is intended to build greater diversity in order to reflect the society we serve and be an employer of choice.

The closing date for applications is 11 February 2021.

Please apply online, ensuring that you answer all application questions.