Introduction

CHAPS Co processes and settles both systemically-important and time-dependent payments through its two payment schemes: CHAPS Sterling and Faster Payments.

CHAPS Sterling

CHAPS Sterling continues to be one of the largest real-time gross settlement systems (RTGS) in the world, offering its 15 members, and around 400 financial institutions utilising agency arrangements through direct members, an efficient risk free and reliable same-day payments mechanism for their Sterling RTGS payment requirements. Nearly £70 trillion was processed through the system in 2007.

Faster Payments

The Faster Payments Service is the first new payments service to be introduced in the UK for more than 20 years. It has enabled, for the very first time, phone, internet and standing order payments to move within a few hours - almost at the touch of a button.

13 banks and building societies were founding members of the new service, and other financial institutions are able to join, either as members, or to access the system through agency arrangements with a member - just as they do with other payment systems.

CHAPS Co is a member-focused company with strategic direction, leadership and ownership vested in an active Board of Directors.