The Bank of England has announced plans to extend the operating hours of CHAPS, the United Kingdom’s high‑value sterling payment system, marking a significant step in modernising the nation’s payment infrastructure.
From September 2027, banks will have the option to start CHAPS settlements at 1:30 a.m., earlier than the current 6:00 a.m. opening time. While the Bank has not yet extended evening hours, the move represents an initial step toward near‑round‑the‑clock settlement, a goal it continues to explore.
CHAPS (Clearing House Automated Payment System) is crucial for real‑time, high‑value transfers between banks and financial institutions. Expanding its operating hours will help improve liquidity management, efficiency in time‑critical payments, and alignment with global standards for financial infrastructure.
Industry groups have welcomed the change as a positive development for businesses and financial institutions that rely on timely, high‑value transactions. It also supports the UK’s broader push to modernise payments systems and move closer to a near‑24/7 settlement framework.
The Bank of England emphasises that the extended opening will initially be voluntary for banks, allowing institutions to adapt to the new schedule at their own pace.
This update signals the UK’s commitment to keeping its financial infrastructure competitive, efficient, and responsive to the needs of modern banking and international business.
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