Banks get set for euro clearing

UK - The financial system took a significant step towards readiness for the single currency yesterday when the £300bn-a-day clearing system moved on to a euro-compatible platform.

Chaps, the sterling inter-bank payment system, was moved across to a new computer network and now operates on the same system as euroChaps, which clears the single currency.

The Association for Payment Clearing Services, the bank-owned organisation that runs Chaps, said if the euro was now adopted in the UK, banks wou