CHAPS to extend its operating hours

04 March 2016

From 20 June 2016, the Bank of England’s Real Time Gross Settlement system (RTGS), which processes CHAPS payments, will be staying open for an extra hour and 40 minutes, closing at 18:00 instead of 16:20. The new scheme deadline for customer-to-customer payments will be 17.40, and 18.00 for bank-to-bank payments. This gives the Direct and Indirect Participants the opportunity to extend their CHAPS service to their customers. However, only individual institutions are able to confirm the details of their service offering to their customers.

To help to inform CHAPS users of the change to the scheme’s operating hours CHAPS Co has produced and is disseminating to stakeholders information guides, with tailored versions for corporate and individual customers.

CHAPS would welcome you to use these guides, adapting or branding them as you wish, when communicating with your customers directly about the CHAPS service that they will receive from 20 June. Please note however that they are provided for general information purposes only and recipients should always seek their own independent professional advice.