CHAPS continues to be one of the largest RTGS systems in the world, offering efficient, risk-free and irrevocable same day payments to meet the sterling RTGS payment requirements of its 23 Direct Participants.
CHAPS Co promotes a fair approach to access, whilst not compromising safety and stability. To obtain access to the CHAPS scheme as a Direct Participant, financial institutions need to meet certain access requirements.
Extending Operating Hours
From 20 June 2016, the Bank of England’s Real Time Gross Settlement System (RTGS), which processes CHAPS payments, will be staying open for an extra hour and 40 minutes, allowing the CHAPS system to close at 18.00 instead of 16.20