[{"data":1,"prerenderedAt":109},["ShallowReactive",2],{"post-what-is-chaps":3},{"id":4,"title":5,"body":6,"categories":97,"date":99,"description":100,"extension":101,"meta":102,"navigation":103,"path":104,"seo":105,"stem":106,"tags":107,"__hash__":108},"blog\u002Fblog\u002Foutput\u002Fposts\u002F2023-03-03-what-is-chaps\u002Findex.md","What is CHAPS?",{"type":7,"value":8,"toc":91},"minimark",[9,17,20,31,34,39,42,45,49,62,66],[10,11,12],"p",{},[13,14],"img",{"alt":15,"src":16},"","\u002Fimages\u002F2023-03-03-what-is-chaps\u002Fchaps.jpeg",[10,18,19],{},"CHAPS is acronym for Clearing House Automated Payment System. It is a high-value payment systems, operated by the Bank of England, providing efficient, settlement risk-free and irrevocable payments in Sterling. It was first introduced in 1984.",[10,21,22,23,30],{},"CHAPS is an ",[24,25,29],"a",{"href":26,"rel":27},"https:\u002F\u002Fdavegarry.com\u002Fwhat-is-real-time-gross-settlement\u002F",[28],"nofollow","RTGS"," where settlement is risk-free, i.e. because each payment is settled individually, in real-time. It is primarily used for the same-day settlement of high-value wholesale payments as well as time-critical, high value retail payments like house purchases.",[10,32,33],{},"In 2019 it processed over 35 millions high value payments with a total monetary value on 75 trillion GBP.",[35,36,38],"h2",{"id":37},"who-uses-chaps","Who uses CHAPS?",[10,40,41],{},"There are over 35 financial institutions, known as direct participants, who make payments over CHAPS. Direct participants include high street banks, financial market infrastructures and challenger banks.",[10,43,44],{},"Several thousand other banks make payments through direct participants (correspondent banking).",[35,46,48],{"id":47},"how-does-chaps-work","How does CHAPS work?",[50,51,52,57],"figure",{},[10,53,54],{},[13,55],{"alt":48,"src":56,"title":48},"\u002Fimages\u002F2023-03-03-what-is-chaps\u002Fimage-1024x597.png",[58,59,60],"figcaption",{},[10,61,48],{},[35,63,65],{"id":64},"what-are-the-benefits","What are the benefits?",[67,68,69,73,82,85,88],"ul",{},[70,71,72],"li",{},"Supports secure high value, same day payments from payment service providers to their customers.",[70,74,75,76,81],{},"Payments are highly secure using the ",[24,77,80],{"href":78,"rel":79},"https:\u002F\u002Fwww.swift.com\u002F",[28],"SWIFT"," payment infrastructure together with the Bank Of England's RTGS system. There is no upper\u002Flower payment limits.",[70,83,84],{},"Among direct participants, the liquidity requirements eliminate settlement risk.",[70,86,87],{},"The system processes and settles transactions on the same day, thus ensuring that the beneficiary receives payments on the same day as the payment initiation.",[70,89,90],{},"Allows the direct transfers between direct participants and financial institutions eliminating the need for intermediaries.",{"title":15,"searchDepth":92,"depth":92,"links":93},2,[94,95,96],{"id":37,"depth":92,"text":38},{"id":47,"depth":92,"text":48},{"id":64,"depth":92,"text":65},[98],"rtgs","2023-03-03","CHAPS is the UK's high-value payment system for Sterling. Learn how this RTGS system, operated by the Bank of England, ensures secure, same-day settlement.","md",{},true,"\u002Fblog\u002Foutput\u002Fposts\u002F2023-03-03-what-is-chaps",{"title":5,"description":100},"blog\u002Foutput\u002Fposts\u002F2023-03-03-what-is-chaps\u002Findex",null,"AG5VUOSBcQTo-OS4fEGDcF4gPPeXaiIyD43BCE9voiE",1779461565913]