Skip to main content
  • This website sets cookies on your device. To find out more about how we use cookies please refer to our Privacy and Cookie Policy. By continuing to use the site, we’ll assume that you are content for us to set these on your device.
  • Close
Home > Markets and Payments > RTGS service availability
 

RTGS service availability

Service availability  |  ​Volumes and values

​In its role as provider of reserves accounts and as settlement agent to the major sterling payment and securities settlement systems, the Bank operates the RTGS infrastructure as the accounting system. This infrastructure enables settlement of obligations across the Bank’s balance sheet in ‘central bank money’ for the direct participants of these systems.

As the Bank is publicly accountable for the services provided by the RTGS infrastructure, the availability of these services during the settlement day is published here. The CHAPS settlement day is 06:00 to 18:00.

RTGS availability statistics

​Service availability Jan
2017​
Feb
2017​
Mar
2017​
Apr
2017
May
2017
Jun
2017​
Jul
2017
Aug
2017
Sep
2017
​Oct
2017
Nov
2017​
Dec
2017
1 RTGS infrastructure for ‘urgent’ CHAPS settlement 100% 100% 99.76% 100% 100% 100% 100%​ 100% 100% 100%
​2 RTGS infrastructure for ‘non-urgent’ CHAPS settlement 100% 100% 99.64% 100% 100% 100% 100% 99.92% 100% 100%​
​3 Ability of RTGS and the RTGS-CREST link to support settlement in CREST 100% 100% 100% 100%​ 100% 100% 100% 100% 100% 100%
​4 Delays to net interbank settlement of retail payment systems (minutes) ​0 0 0 0 0 0 0 0 0 0
​5 RTGS Enquiry Link 100% 100% ​100% 100% 100% 99.67% 100% 100% 100% 100%

​Service availability Jan
2016​
Feb
2016​
Mar
2016​
Apr
2016
May
2016
Jun
2016​
Jul
2016
Aug
2016
Sep
2016
​Oct
2016
Nov
2016​
Dec
2016
1 RTGS infrastructure for ‘urgent’ CHAPS settlement 100% 100%​ 100% 100% 100% 100% 100%​ 100% 100% 100% 100%​​ 100%
​2 RTGS infrastructure for ‘non-urgent’ CHAPS settlement 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%​ 100% 100%
​3 Ability of RTGS and the RTGS-CREST link to support settlement in CREST 100% 100% 99.89% 100%​ 100% 100% 100% 100% 100% 100% 100% 100%
​4 Delays to net interbank settlement of retail payment systems (minutes) ​0 0 0 0 0 0 0 0 0 0 0 0
​5 RTGS Enquiry Link 100% 100% 100%​ 100% 100% 100% 100% 100% 100% 100% 100% 100%​

  

​Service availability Jan
2015​
Feb
2015​
Mar
2015​
Apr
2015​
May
2015​
Jun
2015​
Jul
2015
Aug
2015
Sep
2015
​Oct
2015
Nov
2015​
Dec
2015
1 RTGS infrastructure for ‘urgent’ CHAPS settlement ​100% 100%​ 100%​ 100%​ 100%​ 100%​ 100%​ 100% 100%​ 100%​ 100%​​ 100%​
​2 RTGS infrastructure for ‘non-urgent’ CHAPS settlement 99.60% 100%​ 100% 100%​ 100%​ 100%​ 100%​ 100% 100% 100%​ 100%​ 100%
​3 Ability of RTGS and the RTGS-CREST link to support settlement in CREST ​100% 100% 100%​ 100%​ 100%​ 99.58%​ 100%​ 100% 100% 100%​ 100%​​ 100%​
​4 Delays to net interbank settlement of retail payment systems (minutes) ​0 0​ 0​ 0​ 0​ 0​ 0​ ​0 0​ 0​ 0​ 0
​5 RTGS Enquiry Link ​100% 100% 100% 100%​ 100%​ 100%​ 100%​ 100% 100% 100% 100%​ 99.64%
 

Additional Information

On 4 August 2017, ’non-urgent’ CHAPS settlement was unavailable for 12 minutes from 06:07, due to a minor issue with some of the Bank’s connections to the SWIFT network.  Non-urgent CHAPS settlement resumed at 06:19.  Settlement of urgent CHAPS payments was unaffected.  All other RTGS services were unaffected.

On 5 June 2017, the RTGS Enquiry Link was unavailable for external users between 05:05 and 06:06 due to a minor internal issue. CHAPS payment processing and CREST settlement were unaffected.

On 13 March 2017, infrastructure for ‘urgent’ CHAPS settlement and ’non-urgent’ CHAPS settlement was unavailable from 14:30, due to a SWIFT network issue. Urgent settlement was resumed after 40 minutes at 15:10; and non-urgent settlement was resumed after 60 minutes at 15:30.  All other services were unaffected.

On 8 March 2016, from 12:57 the link between RTGS and CREST was unavailable for 3 minutes. This caused a 15 minute period between 12:57 to 13:12 when CREST settlement was interrupted.  At 13:12, CREST settlement was re-established.

On 17 December 2015, RTGS Enquiry Link functionality was unavailable to some RTGS users for 56 minutes between 11:29 and 12:25 due to a SWIFT network issue.  CHAPS payment processing and CREST settlement were unaffected.

On 12 June 2015, from 12:15 the link between RTGS and CREST was unavailable. There was a 61 minute period between 12:15 and 13:16 when CREST settlement was interrupted.  At 13:16, CREST settlement was restarted using contingency procedures. 

On 21 January 2015, there was a 52 minute period between 09:41 and 10:33 where RTGS suspended settlement of ‘non-urgent’ CHAPS payments. Settlement of urgent payments continued unaffected. At 10:33 settlement of non-urgent payments restarted.  


Explanation of services

RTGS settles individual payments in CHAPS, the same-day electronic funds transfer service for high-value sterling payments. CHAPS settlement banks can choose (1) to settle payments immediately (subject to available liquidity) as ‘urgent’ CHAPS payments or (2) to accept some delay in settlement to improve liquidity efficiency and submit them as ‘non-urgent’ CHAPS payments. The choice of which CHAPS settlement service to use is entirely at the discretion of the settlement bank. (Settlement banks may choose to reschedule individual CHAPS payments from non-urgent to urgent, and vice versa, until the point of settlement.)  On average, non-urgent payments settle around eight minutes after submission into RTGS. The processes in the RTGS infrastructure to support these two CHAPS services are run in parallel and the availability of each is reported separately. 

(3) Ability of RTGS and the RTGS-CREST link to support settlement in CREST: These functions are required to facilitate transfers of central bank money, arising from securities transactions between CREST participants, across the accounts of CREST settlement banks at the Bank. This relies on technical links between the Bank’s RTGS infrastructure and the CREST infrastructure, operated by Euroclear UK & Ireland. A period when CREST settlement is unavailable due to an incident with RTGS or the RTGS-CREST link to support settlement in CREST is recorded. However, CREST settlement can continue to operate even if RTGS is unavailable, by using contingency procedures.

(4) Net interbank settlement of retail payment systems: Five sterling retail payment systems (Bacs, Cheque and Credit Clearing, FPS, LINK, VISA Europe) settle their net interbank obligations, arising from customer transactions, at defined points in time during the RTGS settlement day. A delay to the execution of these net settlements that results from an RTGS incident is recorded.  (RTGS does not provide the infrastructure for the exchange (or ‘clearing’) of individual payment instructions in these payment systems, so the availability of that system to its end-users is not dependent on RTGS availability.)

(5) RTGS Enquiry Link is the online Graphical User Interface (GUI) that holders of a reserves or settlement account use to manage their accounts.  CHAPS settlement banks also use this GUI for CHAPS payment queue management (the ‘central scheduler’). Any period where it is not available during the RTGS settlement day is recorded.   

Until 17 June 2016, the CHAPS settlement day was 06:00 to 16:20

Share