Payment and settlement statistics

We publish updates on the availability of our real-time gross settlement (RTGS) service monthly and the value and volumes of transactions quarterly.

Average daily RTGS settlement values and volumes

Q4 2019 Q1 2020 Q2 2020 Q3 2020  YTD 2020
CHAPS values (£mn) £329,422 £347,539 £382,713 £358,355 £362,532
CHAPS volumes 193,230 186,587 162,176 168,134 172,437
CREST DvP values (£mn) £341,867 £381,103 £402,509 £376,684 £386,464
CREST DvP volumes 11,687 13,524 13,475 11,673 12,875
FPS net values (£mn) £1,066 £1,118 £869 £1,113 £1,036
Bacs net values (£mn) £3,897 £3,990 £5,102 £4,371 £4,477
Link net values (£mn) £293 £248 £178 £216 £215
Cheque imaging net values (£mn) £132 £122 £52 £64 £80
Visa Europe net values (£mn) £2,432 £2,304 £2,113 £2,576 £2,336
Total settlement values (£mn) £679,109 £736,424 £793,536 £743,380 £757,140

All values are rounded to the nearest million. 

Link statistics

The UK Cards Association facts and figures

  • RTGS settles individual payments in CHAPS, the same-day electronic funds transfer service for high-value sterling payments.

    CHAPS direct participants 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 participant. Non-urgent settlement is usually available from 06:00 until 17:30, after which outstanding non-urgent payments are auto-promoted to urgent. Participants 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 held by CREST settlement banks at the Bank of England. This relies on technical links between the Bank’s RTGS infrastructure and the CREST infrastructure, operated by Euroclear. 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

    Six sterling retail payment systems (Bacs, Cheque and Credit Clearing paper-based and image-based, FPS, LINK, Visa Europe) settle their net 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 participants 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 6am to 4.20pm.

  • 2011 2012 2013 2014 2015 2016 2017 2018 2019
    CHAPS values (£mn) £254,489 £284,591 £277,229 £268,615 £270,400 £298,710 £333,661 £330,095 £329,671 
    CHAPS volumes 135,555 134,665 138,245 144,353 148,412 154,006 165,285 191,788 192,292 
    CREST DvP values (£mn) £322,118 £293,293 £303,717 £274,257 £240,480 £220,970 £270,129 £314,193 £342,119 
    CREST DvP volumes 6,859 7,325 8,388 9,050 9,391 10,883 12,063 12,099 11,760 
    FPS net values (£mn)
    £188 £502 £586 £606 £663 £677 £775 £900 £1,026 
    Bacs net values(£mn) £3,269 £3,190 £3,071 £3,122 £3,159 £3,193 £3,321 £3,686 £3,915
    C&CC net values (£mn) £220 £232 £211 £196 £190 £156 £137 £133 £161* 
    Link net values (£mn) £216 £235 £249 £271 £294 £315 £324 £318 £299 
    Cheque imaging net values (£mn)                 £193 
    Visa Europe net values (£mn) N/A N/A £1,144 £1,149 £1,425 £1,531 £1,776 £2,270 £2,363 

    • All data are daily averages of transactions settled within the RTGS system.
    • CREST DvP activity in RTGS is measured by the debits applied to CREST settlement accounts at the end of each CREST settlement cycle, not the total volume or value of transactions in CREST itself.
    • Retail payment system (FPS, Bacs, C&CC, Link, Visa Europe) values represent the net interbank value of each system’s settlement across RTGS. Net interbank settlement for retail payment systems takes place within defined clearing cycles at specific points during the RTGS operating day. Therefore, no volumes data is available.
    • Visa Europe began settling net interbank obligations across RTGS in November 2013.

RTGS service availability statistics

Service availability Jan
2020
Feb
2020
Mar
2020
Apr
2020
May
2020
June
2020
July
2020
August 2020 September 2020
1. RTGS infrastructure for ‘urgent’ CHAPS settlement 100% 100% 100% 100% 99.80% 100% 99.94% 100%
100%
2. RTGS infrastructure for ‘non-urgent’ CHAPS settlement 100% 100%
100% 100% 99.79% 100% 99.94% 100%
100%
3. Ability of RTGS and the RTGS-CREST link to support settlement in CREST 100% 99.57%
100% 100% 100% 100% 100% 100%
100%***
4. Delays to net settlement of retail payment systems (minutes) 0 0
0
0 0 0 150 0 0
5. RTGS Enquiry Link 100%* 100%
100%
100% 100%** 100% 100% 100%
100%

* Enquiry Link was available, but some users experienced intermittent access on Monday 20 January between 06:00 and 07:56 due to a technical problem.

** Enquiry Link was available but some users experienced intermittent access on both 13 and 22 May due to a technical problem.

***Whilst the RTGS-CREST link was available, CREST itself experienced technical issues on Friday 11 September (which required a Non Standard CREST Closure at the end of the day) and Monday 14 September. 


PDFSummary of RTGS daily timetable

  • Service availability Jan
    2019
    Feb
    2019
    Mar
    2019
    Apr
    2019
    May
    2019
    Jun
    2019
    Jul
    2019
    Aug
    2019
    Sep
    2019
    Oct
    2019
    Nov
    2019
    Dec
    2019
    1. RTGS infrastructure for ‘urgent’ CHAPS settlement 100% 100%  99.50%  100% 100% 100%
    100%
    100%  100% 100%  100% 99.93% 
    2. RTGS infrastructure for ‘non-urgent’ CHAPS settlement 100% 100% 99.48%  100%
    100% 100%
    100%
    100%  100% 100%  100% 99.93%
    3. Ability of RTGS and the RTGS-CREST link to support settlement in CREST 100% 100%
    100%  100%
    100% 100%
    100%
    100%  100% 100%  100% 100%
    4. Delays to net settlement of retail payment systems (minutes) 0 13  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
    2018
    Feb
    2018
    Mar
    2018
    Apr
    2018
    May
    2018
    Jun
    2018
    Jul
    2018
    Aug
    2018
    Sep
    2018
    Oct
    2018
    Nov
    2018
    Dec
    2018
    1. RTGS infrastructure for ‘urgent’ CHAPS settlement 100% 99.88% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 
    2. RTGS infrastructure for ‘non-urgent’ CHAPS settlement 100% 99.87% 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% 100% 100% 100% 100%; 100% 100% 100%
    4. Delays to net 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
    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% 100% 100%
    2. RTGS infrastructure for ‘non-urgent’ CHAPS settlement 100% 100% 99.64% 100% 100% 100% 100% 99.92% 100% 100% 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% 100% 100%
    4. Delays to net 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% 99.67% 100% 100% 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 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 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

Service disruptions

On 22 July 2020, we undertook a contingency test with Link, requiring manual settlement of the clearing instruction. During the test there was a delay, but settlement was completed by 13.30. All other RTGS services were unaffected.

On 6 July 2020, the Bank experienced a 10 minute RTGS settlement delay. As a consequence of a SWIFT outage earlier in the day, there was an issue with our internal SWIFT infrastructure that led to a 10 minute outage of settlement while it was reset. All settlement obligations were settled during the standard settlement day, without needing an extension.

On 14 May 2020 the failure of a network component at one of SWIFT’s European processing centres meant the loss of its messaging services within that zone. As a consequence, the Bank lost connectivity to the external SWIFT messaging service that supports CHAPS. SWIFT restored services by performing a failover to their alternative processing centre, but CHAPS urgent and non-urgent settlement was not available for 28 minutes while this was completed. All settlement obligations were settled during the standard settlement day, without needing an extension. 

On 4 December 2019 at 11:00 there was an internal issue which paused RTGS settlement for 10 minutes. Settlement was restarted following internal investigations. All settlement obligations were settled during the standard settlement day, without needing an extension. CREST settlement was unaffected.

On 20 March 2019 at 15:28 there was a controlled stop of CHAPS settlement in the Real Time Gross Settlement service that resulted in transactions being suspended until 16:43 when settlement was restarted following internal investigations. All settlement obligations were settled during the standard settlement day, without needing an extension.

On 19 February 2018, CHAPS settlement was unavailable for 18 minutes from 06:00 to 06:18 due to a minor operational issue that required manual intervention.  Urgent settlement is usually available from 06:00 to 18:00, non-urgent is usually available from 06:00 to 17:30. CREST and other settlements were unaffected.

On 4 August 2017, ’non-urgent’ CHAPS settlement was unavailable for 12 minutes from 06:07 to 06:19, 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 for 61 minutes, 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. Non-urgent settlement was resumed after 60 minutes at 15:30. All other services were unaffected.

This page was last updated 14 October 2020

Give your feedback

Was this page useful?
Yes
No
Add your details...