CHAPS Co is owned by a group of banks called Direct Participants; however the CHAPS community also encompasses the Bank of England, indirect participants and SWIFT.

  • Bank of England:

CHAPS connects directly to the Bank of England’s Real Time Gross Settlement (RTGS) system. All Direct Participants of CHAPS will have a settlement account at the Bank of England, through which funds are received and paid.

  • Direct Participants:

Direct Participants will submit payment instructions for their own CHAPS payments and on behalf of their customers (indirect participants). 

  • Indirect Participants:

These are the customers of Direct Participants who wish to settle their CHAPS payments through the RTGS system. Indirect participants include both financial and non-financial institutions. The Bank of England is working with CHAPS to identify changes that could be made to further reduce the systemic risk that arises from a high portion of all CHAPS payments being made by indirect participants.

  • SWIFT:

SWIFT is CHAPS' payment messaging network connecting the Direct Participants to each other and the RTGS system. SWIFT interfaces, known as CBTs (Computer Based Terminals), located within the Direct Participants' premises connect to the network and process messages to and from Direct Participants. The RTGS system also has a CBT, known as the CHAPS Central Bank Interface, which connects to the network to enable settlement to occur.