BoE to run Chaps payment system
Bank of England moves to “direct delivery model” for payments
The Bank of England has assumed the direct running of the UK’s Chaps system, as part of its overhaul of the country’s real-time gross settlement (RTGS) platform.
As of today (November 13), the Clearing House Automated Payment System, which forms half of the UK’s high-value payment system (HVPS), will no longer be operated by the privately owned Chaps Clearing Company (Chaps Co). “The Chaps service is open as usual,” the central bank said in a statement.
Chaps was set up in 1984. On an average
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