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 2018 Q1 2019 Q2 2019 Q3 2019 YTD 2019
CHAPS values (£mn) £323,395 £330,207 £328,778 £330,234 £329,755
CHAPS volumes 193,059 187,128 197,354 191,624 191,974
CREST DvP values (£mn) £321,682 £331,824 £341,188 £353,219 £342,204
CREST DvP volumes 12,223 11,599 12,199 11,576 11,785
FPS net values (£mn) £930 £995 £992 £1,047 £1,012
Bacs net values (£mn) £3,705 £3,788 £4,083 £3,899 £3,921
C&CC net values (£mn) £143 £195 £244 £50 £161
Link net values (£mn) £328 £277 £319 £308 £301
Cheque imaging net values (£mn) £104 £169 £275 £199 £214
Visa Europe net values (£mn) £2,362 £2,195 £2,453 £2,373 £2,340
Total settlement values (£mn) £652,648 £669,650 £678,333 £691,329 £679,909

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

    • 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
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%     
2. RTGS infrastructure for ‘non-urgent’ CHAPS settlement 100% 100% 99.48%  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%     
4. Delays to net settlement of retail payment systems (minutes) 0 13  0 0 0 0 0  0    
5. RTGS Enquiry Link 100% 100%
100%  100%
100% 100%
100%
100%   100% 100%     


PDFSummary of RTGS daily timetable

  • 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 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 12 November 2019
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