Steps Required to Join the CHAPS Scheme

• Talk to CHAPS about membership of the CHAPS Scheme.
• Talk to the Bank of England about a settlement account and collateral requirements.
• Sign non-disclosure agreement to access CHAPS documentation
• Talk to CHAPS and the Bank of England about legal requirements
• Talk to SWIFT about joining and using the SWIFT Network (most financial institutions will already be members of SWIFT).
• Send CHAPS a Letter of Intent to join the Scheme stating the preferred date for entry (a typical application and process to join can take up to 12 months).
• Discuss requirements and agree a project plan with CHAPS.
• If required, choose a SWIFT CBT supplier.
• Build an internal CHAPS payments solution.
• Carry out testing and compliance activities to demonstrate fitness for membership.
• Become a member of the Scheme and take up a seat on the CHAPS Clearing Company Board
• Send and receive own CHAPS payments.