Central Banking

BoE’s RTGS system goes down for nearly six hours

Bank of England
Bank of England
Photo: Juno Snowdon Photography

The Bank of England’s real-time gross settlement (RTGS) system was closed for nearly the first six hours of its usual operations today (August 14), due to a “technical issue”.

Settlement through the BoE’s high-value payment system, known as Chaps, begins at 6am every weekday and continues until 6pm. The technical issue prevented the usual start, and the system was restored to functionality at around 11.30am.

Details of the issue are currently scant and the BoE plans to conduct a more detailed

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