CHAPS provides a payment system between its Participants settling in real time across sterling settlement accounts at the Bank of England. The key components of the system are:
- A payment messaging network (SWIFT FIN Copy) connecting the Participants of the system.
- SWIFT interfaces, known as CBTs (Computer Based Terminals), located within Participants’ systems to connect to the network and process messages to and from Participant payment systems. The Bank of England’s Real-Time Gross Settlement (RTGS) system also has a CBT, known as the CHAPS Central Bank Interface, to connect to the network to enable settlement to occur.
- Settlement accounts denominated in all supported currencies held within the RTGS Processor and the supporting collateral arrangements.
- An Enquiry Link facility provided by the Bank of England.
- The Extended Industry Sort Code Database supplied by VocaLink:
- A real time link to the CREST system for Delivery Versus Payment (DVP).