Last month

  • In September 2017, CHAPS processed 3.4 million payments worth £7.1 trillion over 21 settlement processing days
  • The average daily volume was 160,339, an increase of 6.4% from September 2016.
  • The average daily value was £339 billion, an increase of 12.9% from September 2016.

 

First half of 2017

  • The average daily volume was 160,632, an increase of 4.8% from January - June 2016.
  • The average daily value was £326 billion, an increase of 11.2% from January - June 2016.

 

Last year

  • In 2016 CHAPS volumes grew by 3.8% to a record 39.0 million; on average 154,006 a day.
  • The total value transmitted in CHAPS in 2016 grew by 10.5% to a record £75.6 trillion, on average £299 billion daily. 
  • This surpassed the previous CHAPS records for both volume (37.5 million payments in 2015) and value of pounds sterling (£73.6 trillion in 2008). 

 

CHAPS in context

  • CHAPS represents 0.5% of UK total payment volumes but 92% of total sterling payment values (excluding internalised flows within Payment Service Providers).
  • CHAPS turns over the annual UK GDP every 6 working days.

 

Market effects

  • The value of sterling processed in CHAPS has increased significantly from mid-2015 onwards, and from 2016 onwards it has surpassed levels last seen during the 2008 financial crisis. Most of the value (75%) derives from wholesale financial transactions.
  • Interbank use of CHAPS for the highest value payments, particularly corporate treasury, recovered in 2016 from ongoing decline in 2015.
  • CHAPS value usually increases in times of uncertainty. Part of the growth in 2016 reflected volatile financial markets. These responded to geopolitical events such as the result of the UK referendum on membership of the EU (Brexit) in June 2016.
  • Exceptionally high mergers and acquisitions (M&A) in 2016, mostly arising from large takeover deals agreed in 2015, also contributed to CHAPS value growth.
  • The Brexit-related fall of sterling boosted the UK’s international trade from mid-2016 onwards, creating higher-than-expected CHAPS volume growth.
  • CHAPS saw a record peak volume period at the end of March 2016, from property completions brought forward in advance of changes to the Stamp Duty Land Tax. This was followed by lower volumes in April and May. The effect of this on CHAPS monthly volume trends can be seen in the chart below, which shows the year-on-year percentage volume change from these unusual effects, in this March and the months following.

 

CHAPS Values for the previous 12 months

CHAPS Annual Value Statistics graph September 2017

 

CHAPS Volumes for the previous 12 months

CHAPS Annual Volume Statistics graph September 2017