BoE commences direct delivery of CHAPS service

Industry News | 14/11/17

The Bank of England (BoE) has published a press release announcing that it has commenced the direct delivery of the CHAPS service. The announcement follows publication of a blueprint from the BoE in May 2017 for a renewed real-time gross settlement (RTGS) service, where the BoE stated that it was working on a transition. Prior to November 2017, the CHAPS service was operated by the CHAPS Clearing Company Ltd, a private entity. The BoE has also published a new CHAPS webpage. CHAPS is a sterling same-day system that is used to settle high-value wholesale payments as well as time-critical, lower-value payments like buying or paying a deposit on a property.