CHAPS Flashcards
What is CHAPS ?
CHAPS is one of the largest high-value payment systems in the world and provides efficient and irrevocable sterling payments.
What does CHAPS use for settlement ?
RTGS. The BoE real-time gross settlement system
ISO 20022 - When will CHAPS migrate to ISO20022
19 June 2023 (currently)
What is Transition State 2.1 ?
CHAPS enhanced ISO 20022 messaging (19 June 2023)
Who operates CHAPS ?
Operated by the Bank of England - Since November 2017
What is a CHAPS Direct Participant ?
How many are there ?
Hold a Settlement a/c at the BoE
Comply with technical requirements
About 30
What is a CHAPS Indirect Participant ?
How many Indirect Participants are there ?
4,500 indirect participants include financial institutions who access CHAPS indirectly and make payments through direct participants – something generally referred to as correspondent banking which has significantly increased in recent years
What does CHAPS stand for ?
Clearing House Automated Payment System
What is a high volume for CHAPS ?
What is a high value for CHAPS ?
300k+/day
£500bn+/day
What is SWIFT InterACT ?
InterAct is the messaging service for exchanging XML-based financial messages and data between users, including Swift MX and ISO 20022- based payments, settlement instructions, FX confirmations, statements and reports.
What is Transition State 3 ?
The new RTGS core ledger and settlement engine will be introduced in Transition State 3 currently planned in summer 2024.
All CHAPS Direct Participants will need to send and receive non-payment messages (e.g. statements, notifications and liquidity-related messages) in the relevant ISO 20022 format
What are CHAPS operating hours ?
6:00am to 6:00pm working days only
How does a CHAPS payment work ?
