The Bank of England has assumed the direct running of the UK’s Chaps system, as part of its overhaul of the country’s real-time gross settlement (RTGS) platform.
As of today (November 13), the Clearing House Automated Payment System, which forms half of the UK’s high-value payment system (HVPS), will no longer be operated by the privately owned Chaps Clearing Company (Chaps Co). “The Chaps service is open as usual,” the central bank said in a statement.
Chaps was set up in 1984. On an average