Finance
BOE Says CHAPS Service Restored After Earlier Systems Glitch
- Central bank expects all payments received today to settle
- CHAPS system now handles about £350 billion of payments a day
This article is for subscribers only.
The Bank of England said CHAPS transactions are settling normally after earlier warning that some home sales had been delayed after the service — one of the largest high-value payment systems in the world — was affected by a global payments issue.
The issue with CHAPS had caused some large, time-sensitive payments to be delayed across the country, the central bank said in an earlier statement. The real-time network connects banks and is meant to provide an efficient way to handle high-value payments in the UK.