Current Projects

Liquidity Saving Mechanism

Software is being developed for the Bank of England's Real-Time Gross Settlement (RTGS) system to provide more efficient usage of liquidity for CHAPS Members.  The 'go live' date for this project is the middle of 2013.

Market Infrastructure Resiliency System

The Bank of England is piloting a service provided by SWIFT.  This will significantly enhance the resilience of CHAPS and ensure real-time settlement in the event of the failure of both the primary and backup systems of the Bank of England's RTGS service.  The 'go live' date for this project is the second half of 2013.

Tiering Reduction/ Expanding Membership

CHAPS, in conjunction with the Bank of England, is actively encouraging direct membership of the CHAPS scheme by those banks that send a significant total value of payments through CHAPS, and are therefore systemically important to the financial infrastructure in the UK.  As more of these institutions become members of CHAPS, financial risk will reduce and thus meet the aims of the Bank of England.