The CHAPS system is usually open from 6.00 to 18:00, Monday to Friday (excluding Bank Holidays).
Updates to service availability will appear here.
Updates to service availability will appear here.
Responsibility for the CHAPS system transferred to the Bank of England in November 2017.
CHAPS is one of the largest high-value payment systems in the world, providing efficient, settlement risk-free and irrevocable payments. There are over 30 direct participants and over five thousand financial institutions that make CHAPS payments through one of the direct participants.
The CHAPS Clearing Company website has been archived by The National Archives.
Direct participants in CHAPS include the traditional high-street banks and a number of international and custody banks. Many more financial institutions access the system indirectly and make their payments via direct participants. This is known as agency or correspondent banking.
CHAPS payments have several main uses:
Bank of America N.A. (London branch)
Bank of China Limited (London branch)
Bank of England
Bank of New York Mellon (London branch)
Bank of Scotland plc (part of the Lloyds Banking Group)
Barclays International (a trading name of Barclays Bank plc, part of the Barclays Group)
Barclays UK (a trading name of Barclays Bank UK plc, part of the Barclays Group)
BNP Paribas SA (London branch)
Citibank N.A. (London branch)
CLS Bank International (an Edge Act Bank based in New York)
Clydesdale Bank plc
Danske Bank (a trading name of Northern Bank Limited, part of the Danske Bank Group)
Deutsche Bank AG (London branch)
Elavon Financial Services DAC (UK branch)
Euroclear Bank SA/NV (Brussels Head Office)
Handelsbanken plc (a UK subsidiary of Svenska Handelsbanken AB)
HSBC Bank plc (part of the HSBC Group)
HSBC UK Bank plc (part of the HSBC Group)
ING Bank N.V. (Amsterdam Head Office)
J.P. Morgan Chase Bank N.A. (London branch)
Lloyds Bank plc (part of the Lloyds Banking Group)
National Westminster Bank plc (part of the Royal Bank of Scotland Group)
Northern Trust Company (London branch)
Royal Bank of Scotland plc (part of the Royal Bank of Scotland Group)
Santander UK plc (part of the Banco Santander Group)
Societe Generale (Paris Head Office)
Standard Chartered Bank plc
State Street Bank and Trust Company (London branch)
The Co-operative Bank plc
UBS AG (London branch)
Virgin Money plc
Payment obligations between direct participants are settled individually on a gross basis in RTGS on the same day that they are submitted. The transfer of funds is irrevocable between the direct participants.
Operating hours: The CHAPS system opens at 6am each working day. Participants must be open to receive by 8am and must send by 10am. CHAPS closes at 6pm for bank-to-bank payments. Customer payments must be submitted by 5.40pm.
Direct access to CHAPS supports secure and efficient provision of high value, same day payments from payment service providers to their customers. There is no minimum or maximum payment limit.
High level of operational resilience based on the Bank’s real-time gross settlement infrastructure and the SWIFT messaging network.
Settlement risk is eliminated between CHAPS direct participants, at the cost of an increased need for liquidity, making this model best suited to a high-value payment system with the largest potential systemic risk.
To become and remain a CHAPS direct participant an organisation must meet certain criteria. If you would like to know more about direct access please contact firstname.lastname@example.org
An organisation must:
Technical requirements include access to the SWIFT network compromising one or more BICs, use of SWIFT FIN Copy, appropriate interfaces to connect to the SWIFT network and process messages. Other important components are access to an Enquiry Link facility provided by the Bank and the Extended Industry Sort Code Database which is supplied by VocaLink.
Access to UK payment systems
The cost of direct participation in CHAPS includes one-off set-up costs, such as the cost of developing the necessary hardware, software and processes to connect to CHAPS and establishing sufficient expertise amongst staff. They also involve a potentially significant level of ongoing cost, such as fees and other participation costs; opportunity costs of providing collateral or holding liquid assets; hardware and software maintenance; and higher staffing costs.
We charge CHAPS Scheme fees to Direct Participants with an annual participant charge and a per-item fee. We do not charge a joining fee but certain costs, such as external legal fees, may be recovered from Direct Participants.
RTGS and CHAPS fees
Other costs that CHAPS Direct Participants can expect to incur are:
Indirect participants access the CHAPS system through one of the Direct Participants based on a commercial and contractual arrangement. The Direct Participant makes and receives payments on behalf of indirect participants and other customers including business and individuals.
We undertake a range of layered engagement and communication with CHAPS users. This covers financial institutions with direct and indirect access to CHAPS as well as end-users.
We host a CHAPS Strategic Advisory Forum. This is a small focused group to discuss, and provide feedback and advice on, the strategic direction of CHAPS with the Bank. It is chaired by Kevin Brown, one of the independent members of the CHAPS/RTGS Board and meets 4 times a year.
The Forum’s fourteen external members are senior, experienced executives with a good understanding of the broad interests of their sector. The members are drawn from banks, other financial institutions, payment service providers and end-users. However, membership is in an individual capacity, not as a direct representative of their respective organisations.
Quarterly and annual UK payment system statistics are reported on behalf of CHAPS and the other payment system operators by the Information Management team at Pay.UK. Please contact them on 020 3217 8720 or by email email@example.com for monthly statistics, previous reports or with other queries about these reports.
CHAPS Volumes for the previous 12 months
CHAPS Values for the previous 12 months