Central Banking

UK’s Chaps continues growth despite losses to Faster Payments

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The UK's Clearing House Automated Payment System (Chaps) saw a sharp rise in the value of transactions in 2012 even as a large number of smaller payments migrated to the Faster Payments Service, according to Chaps Co's first market report.

Published today, the report reveals that Chaps saw a 12.3% increase in the value of transactions it handled in 2012, reaching a total of £71.7 trillion ($116 trillion). Over the same period, however, the volume of transactions slid by 0.3% to 33.9 million.

The

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