CHAPS volume and value at all-time high
Last year a record £75.6 trillion was sent via the UK’s same day high-value payment system.
Last year a record £75.6 trillion was sent via the UK’s same day high-value payment system.
A record £75.6 trillion was sent via CHAPS, the UK’s same day high-value payment system, in 2016 according to its newly-published annual report. The CHAPS Market Summary 2017 reveals the value of payments grew last year by £7 trillion (10.5%), with the volume of payments also reaching a new all-time high of 39.0m. Nearly £300bn was processed daily, with a peak daily value of £434bn.
Three new direct participants joined CHAPS in 2015-6, contributing 20-25% of the total 10.5% value growth, partly by externalising payment traffic that was previously processed internally with the institution that provided them with indirect access. Direct participation has also enabled new entrants to extend the range of the banking products that they offer. The Brexit-related fall of sterling boosted the UK’s international trade in H2 of 2016, contributing to the higher-than-expected CHAPS volume growth.
The number of direct participants has now increased to 26, following the addition of Bank of China Limited and ClearBank earlier this year. CHAPS said that it expects to welcome another six to 10 institutions by the end of 2018.
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