CHAPS Vision

To make CHAPS one of the world's leading financial market infrastructure providers; proactively and innovatively safeguarding the UK's High Value Payment System - anticipating and meeting the service needs of its current and future users.

CHAPS Purpose

The primary Purpose of CHAPS Co is to ensure the effective and safe operation of CHAPS, the UK RTGS System, and to ensure the integrity of the eco-system around it.

CHAPS Value Statement

Ensuring the effective and safe operation of the critical high value UK payment eco-system in one professionally driven independent entity.

We achieve this by:

Co-ordination and Engagement across the eco-system by:

  • Balancing the requirements of the Participants with the Regulators
  • Deploying engagement models with Participants
  • Enhancing/formalising cooperation models with BoE RTGS and SWIFT
  • Providing a user group forum for non Direct Participants

Independence through:

  • Strategically focused high performing Board with direct accountability to PSR/FMID
  • Independence from each component of the CHAPS eco-system

Scheme Accountability for:

  • CHAPS Scheme Manual
  • Risk framework
  • Strategy creation and delivery
  • Direct Participant voice
  • End User and IP voice
  • Customers & Service Bodies
  • Innovation coordination

Knowledge & Experience:

  • Vast industry experience
  • Major Financial Services Industry experience
  • Deep Direct Participant understanding

Enhanced Assurance:

  • Industry best-in-class goals
  • Risk management/attestation
  • Risk framework
  • Eco-system risk oversight

Co-ordination and Delivery of Change across:

  • Technology upgrades
  • Risk framework
  • Legal and regulatory
  • New entrants
  • Direct participants
  • CHAPS Scheme manual

Management and insights of day to day Operations informing risk:

  • Direct Participant coordination
  • Risk management/attestation
  • Regulatory engagement/assurance deliverables
  • ‘Signature’ strategic priorities delivery/transformation
  • Scheme performance management
  • Direct Participant performance management

Ensuring Security and Resilience:

  • Provision of Security Assurance Framework
  • Scenario based exercises
  • Incident management
  • Monitoring of Participant change events
  • Enforcement of Compliance

Increasing Access through:

  • Efficient/effective/coordinated on-boarding pipeline management
  • Progressively enhancing project/risk management tools and metrics tracking
  • Enhanced collaboration across all participants
  • Clear criteria for assessment of readiness