Central Banking

Major international banks join UK's high-value payment system

JP Morgan

Five major international banks will join the UK's Clearing House Automated Payment System (Chaps), a payments system that processes and settles systemically important transactions, as direct participants – allowing them to send and receive "irrevocable and guaranteed" payments that are settled the same day.

BNY Mellon, ING Bank, Northern Trust, BNP Paribas and Société Générale, which currently participate indirectly by processing payments via other banks – an arrangement known as ‘tiering' –

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