Bank of England takes over the running of Chaps
The Bank of England has today commenced the direct delivery of the CHAPS service.
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Prior to today, the CHAPS service was operated by the CHAPS Clearing Company Limited (CHAPS Co) - a private entity owned by its members.
Earlier this year the Bank, and the Financial Policy Committee, concluded that financial stability would be enhanced by moving to direct delivery. The Bank’s decision was announced in May in its Blueprint for a new RTGS service. The Blueprint aims to ensure the UK’s high-value payment system (HVPS) remains at the leading edge of global best practice.
The CHAPS service is open as usual today.