Phase one of the programme started in July 2021 with a ‘discovery and design’ stage for the chosen use cases. This stage ended in March 2022 with the programme making recommendations for the use cases to the regulators.
The recommendations were taken through the Bank and FCA's internal governance procedures and a commitment was made to deliver by July 2023.
An ‘implementation’ stage, largely conducted outside the joint transformation programme, ran from September 2022 until July 2023. At the end of this stage, the Bank and FCA confirmed they had met their commitment in delivering on the phase one recommendations.
Phase two of the programme is focusing on four new use cases. It began on 22 September 2022 and has run in parallel with the phase one implementation stage.