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CHAPS

RTGS

Same-day sterling settlement - migrated to ISO 20022 June 2023

NowHours: computing from the published schedule…Service condition: not monitored details

ClearingPost does not assess whether CHAPS is running normally.

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Dated items ClearingPost holds, each with its source and whether the date is confirmed

  • Bank of England · expand for each date and its source
  • Bank of England - CHAPS · expand for each date and its source
  • Bank of England - CHAPS · expand for each date and its source
  • Bank of England · Authoritative (T1) · recorded 16 Sep 2026source ↗

Later: 3 dated items after 29 Sep 2027 →

Changed

All recorded changes →

Material, sourced changes ClearingPost recorded; corrections to its own record are labelled as such

  • Took effectCHAPS Reference Manual (30 June 2026)

    Cover reads 'CHAPS Reference Manual, Version: 30 June 2026, DocID E#00094'. Per the Bank of England CHAPS Reference Manual Change Control Register (V. 30 June 2026), effective 30/06/26, sections 33, 34, 35 and the Glossary were amended: section heading changed from 'Outsourcing and Third Party Risk Management – Risk and Resilience' to 'Outsourcing and Service Provider Risk Management'; existing requirements clarified and consolidated with new requirements on concentration risk, outsourcing registers, data residency, localisation and sovereignty risks, offshore, third-country and group outsourcing, and incident and systemic risk monitoring; subsections restructured into a Third Party Lifecycle format (Planning and Risk Assessment, Due Diligence, Contracting, Ongoing Monitoring and Governance, Termination and Exit). Supersedes the 28 April 2025 edition.

    took effect 30 Jun 2026 · Bank of Englandsource ↗
  • Took effectCHAPS Reference Manual (28 April 2025)

    Major refresh incorporating RCEP go-live changes (section 25), updated contingency communication methods (section 26), and various clarifications to address identified deficiencies across the manual

    took effect 28 Apr 2025 · Bank of Englandsource ↗

Rules & documents

All 5 documents ↓

The rulebooks, operating rules and standards documents ClearingPost holds for CHAPS, current version first

Sources ClearingPost reads Bank of England · Authoritative (T1) · 10 of 14 fields carry a source and a recorded date · latest sourced entry recorded 24 Sep 2026 · evidence details ↓

Record · CHAPS

Country
United Kingdom (GB)
Currency
Pound Sterling (GBP)
Operator
Bank of England
Type
RTGS
Operating Window
06:00–18:00 Europe/London · Mon–Fri
Year Established
1984
Tier?
Tier 1
ISO 20022?
Migrated
Region
Europe
Settlement Type?
Gross
Participants
38 (end-2025)
Avg Daily Transactions
197,780 (Aug 2026)
Avg Daily Value
£375B (Aug 2026)
Notes

SWIFT deferred the November 2026 CBPR+ structured address mandate in August 2026 after industry readiness surveys showed uneven progress across all regions. New timeline under consultation with banks, central banks, and payment market infrastructures; update expected by December 2026. On 27 August 2026 the Bank of England also deferred its November 2026 RTGS standards release in its entirety, including the messaging standards for CHAPS payments, to stay aligned with Swift; revised timelines are to follow.

Bank of England official website →
Reference Sources
Bank of England
Authoritative (T1)Entry recorded Mar 12, 2026
Status →Statistics →Rules →Annual Report →
Reference Documents
CHAPS Reference Manualoperating rules
Bank of England · 30 June 2026 · Effective Jun 30, 2026
Latest recorded change

Cover reads 'CHAPS Reference Manual, Version: 30 June 2026, DocID E#00094'. Per the Bank of England CHAPS Reference Manual Change Control Register (V. 30 June 2026), effective 30/06/26, sections 33, 34, 35 and the Glossary were amended: section heading changed from 'Outsourcing and Third Party Risk Management – Risk and Resilience' to 'Outsourcing and Service Provider Risk Management'; existing requirements clarified and consolidated with new requirements on concentration risk, outsourcing registers, data residency, localisation and sovereignty risks, offshore, third-country and group outsourcing, and incident and systemic risk monitoring; subsections restructured into a Third Party Lifecycle format (Planning and Risk Assessment, Due Diligence, Contracting, Ongoing Monitoring and Governance, Termination and Exit). Supersedes the 28 April 2025 edition.

Entry recorded Jun 12, 2026
View document →
Extending RTGS and CHAPS Settlement Hours - Early Morning Extensionregulatory text
Bank of England · February 2026 · Effective September 2027 (the source states the month only)
Latest recorded change

Policy statement confirming CHAPS settlement will open at 01:30 (from current 06:00) under optional participation model, with go-live targeted September 2027. BoE coordinating readiness workstream with all CHAPS direct participants. The follow-up consultation paper on near-24/7 extension was published May 18, 2026. Proposes three-phase approach through to 22x6/22x7 operations not before 2031.

Entry recorded Sep 16, 2026
View document →
Expanding Mandatory ISO 20022 Enhanced Data in CHAPS from 2027regulatory text
Bank of England · July 2026 · Effective November 2027 (the source states the month only)
Latest recorded change

Material update to policy statement. Structured remittance mandate rescinded — Bank will engage with international peers before proceeding. LEI requirements for pacs.004 and pacs.009 COV payments confirmed for November 2027. Purpose Codes mandated for all CHAPS payments from November 2027.

Entry recorded Sep 16, 2026
View document →
ISO 20022 Change Management — November 2026: CHAPS Direct Participantsregulatory text
Bank of England · December 2025
Latest recorded change

Change request document for the November 2026 CHAPS schema release covering ISO 20022 message schema corrections, updates and additions aligned with CBPR+ and HVPS+ international standards, including the prohibition of fully unstructured addresses. On 27 August 2026 the Bank of England deferred its November 2026 RTGS standards release, which includes the CHAPS messaging standards, in its entirety after Swift delayed its November 2026 Standards Release; the Bank has not yet published a revised timeline.

Entry recorded Sep 16, 2026
View document →
CBPR+ Roadmap Beyond November 2025regulatory textExternal reference · SWIFT
SWIFT · June 2026
The document record does not show the CHAPS operator as its publisher and does not name CHAPS, so its dates are not shown as CHAPS dates.
Latest recorded change

Updated CBPR+ roadmap (June 2026 edition) listing November 2026 (SR 2026) milestones: MT101 discontinued, non-compliant formats NAKd, only structured/hybrid postal addresses accepted; November 2027 legacy E&I formats discontinued, full Case Management mandatory; November 2028 MT 940/950/942 and MT 104/190/191 discontinued. On 27 August 2026 Swift applied a controlled extension of Standards Release 2026 that defers all payments changes, including the structured address requirement; Swift will provide an update on structured-address timing by December 2026 at the latest, and non-payments SR 2026 changes go live in Q1 2027.

Entry recorded Jun 5, 2026
View document →
See all RTGS systems →See all systems in United Kingdom →ISO 20022 migration status →Payment rails by country →
Products on this rail
CHAPS Paymentcredit transfer
Bank of England
Other systems in the same country or region
T2 / TARGETRTGS
Eurozone · EUR · ECB / Eurosystem
SEPA SCTACH
Eurozone · EUR · EPC / CSMs
SEPA SDDACH
Eurozone · EUR · EPC / CSMs
SEPA InstFPS
Eurozone · EUR · EPC / RT1 / TIPS
EURO1Hybrid
Eurozone · EUR · EBA Clearing
BACSACH
United Kingdom · GBP · Pay.UK

Operations · CHAPS

Operational monitoring: not configured. ClearingPost does not monitor operational sources for this system and does not assess its current service condition.

Operations lists the systems ClearingPost monitors and the operational events it has recorded.

Intelligence for CHAPS (13)

Coverage whose headline or summary names CHAPS, or names its operator or country together with its system type. Each item quotes that evidence and says whether the source is the CHAPS operator or external.

NewsAug 29, 2026Names “Bank of England” + “RTGS”
SWIFT Defers November 2026 Structured Address Deadline as Industry Readiness Lags
The network operator will consult the industry on a revised timetable after acknowledging that large parts of the banking sector across all regions were unable to meet the November 14 structured address requirement. The Bank of England deferred its own RTGS standards release the following day to maintain global alignment.
External source · SWIFT
NewsJun 25, 2026Headline names “CHAPS”
SWIFT Ends IPLA and SIL Support on June 30, Affecting T2 and CHAPS Connectivity
Red Hat's decision to end support for Fuse, the open-source integration framework underpinning SIL, is the primary trigger. IPLA and SIL cannot fully support ISO 20022's structured data requirements that T2, CHAPS, and TIPS now mandate.
External source · Aqua Global
AnalysisMay 30, 2026Summary names “CHAPS”
Three UK Payment Reforms Converge as PSR Merges into FCA
The United Kingdom is executing the most significant restructuring of payment oversight since the PSR's creation in 2015. HM Treasury confirmed the merger of PSR functions into the FCA in its April 2026 consultation response. New safeguarding rules for payment and e-money firms took effect on May 7. The Bank of England published a consultation on extending CHAPS settlement toward near 24x7 operation on May 18.
External source · FCA
NewsMay 23, 2026Headline names “CHAPS”
Bank of England Maps Three-Phase Path to Near-24x7 CHAPS Settlement
A consultation paper published on 18 May 2026 proposes adding weekend and extended-hours settlement to CHAPS in phases through 2031, building on the confirmed September 2027 early-morning extension.
Operator source · Bank of England
RegulationMay 20, 2026Headline names “CHAPS”
Bank of England Consults on Near-24x7 CHAPS and RTGS Hours
RT2, the Bank's renewed RTGS infrastructure, went live in April 2025. The system's architecture supports near-24x7 operation.
Operator source · Bank of England
NewsMay 1, 2026Headline names “CHAPS”
BoE Finds Faster Payments Limit Increase Cut CHAPS Volume by Up to 13.7%
Sustained migration at this rate could erode CHAPS revenue and reshape liquidity-management incentives across the UK financial sector.
Operator source · Bank of England
RegulationMay 1, 2026Summary names “CHAPS”
UK Treasury Confirms PSR Abolition and Launches Payments Modernisation Package
The UK government confirmed on 21 April that it will abolish the Payment Systems Regulator, transferring oversight of Faster Payments, BACS, and CHAPS to the FCA under a broader payments modernisation package that introduces stablecoin regulation and addresses AI-agent-initiated payments.
External source · GOV.UK
AnalysisApr 28, 2026Summary names “CHAPS”
Bank of England Quantifies RTGS Volume Loss to Faster Payments After Limit Increase
A Bank of England staff paper establishes the first causal link between raising instant payment limits and declining RTGS volumes. CHAPS transaction volume in the GBP 250,000 to GBP 1 million band fell 10.7 to 13.7 percent following the 2022 Faster Payments limit increase, a finding relevant to central banks worldwide adjusting instant payment thresholds.
Operator source · Bank of England
NewsMar 20, 2026Names “Bank of England” + “RTGS”
Bank of England Selects 18 Firms for RTGS Synchronisation Lab, Testing DLT Settlement with Central Bank Money
The synchronisation capability being tested would allow two linked transactions, such as a payment and an asset transfer, to settle simultaneously in central bank money. This atomic settlement model eliminates the settlement risk that exists when payment and delivery occur at different times. The Bank envisions synchronisation as a core
Operator source · Bank of England - Synchronisation Lab
NewsMar 18, 2026Names “Bank of England” + “RTGS”
Bank of England Completes RTGS Insourcing, Runs Settlement Infrastructure In-House After £431M Renewal
The BoE's £431 million RTGS Renewal Programme has concluded with full operational insourcing. The central bank now runs the UK's high-value settlement infrastructure without its former systems integrator, following confirmation before Parliament in March 2026.
External source · UK Parliament Public Accounts Committee
Showing 10 of 13 · View all intelligence →

Wider coverage that mentions CHAPS (8)

These articles mention CHAPS in their text but not in their headline or summary, so they are listed as context rather than as CHAPS intelligence.

NewsJul 10, 2026Text mentions “CHAPS”
SWIFT Blockchain Ledger Ready for Initial Use with 17-Bank Pilot
The ledger functions as an orchestration layer for bank-issued tokenized deposits, not as a payment system itself. Each bank maintains deposits on its own ledger while the shared platform coordinates transfers between participants.
External source · SWIFT
RegulationApr 22, 2026Text mentions “CHAPS”
HM Treasury Confirms PSR Abolition, Consolidating UK Payment System Oversight Under the FCA
Britain will merge all payment system oversight into a single supervisor after HM Treasury confirmed on April 21 that the Payment Systems Regulator will be dissolved, with the government targeting end-2026 for the enabling legislation.
External source · HM Treasury / GOV.UK
RegulationMar 28, 2026Text mentions “CHAPS”
PSR Targets Card Fee Transparency and APP Fraud Evaluation in Final Independent Work Plan
The UK Payment Systems Regulator's annual programme for its last year of independent operation before merging into the FCA commits to implementing domestic scheme fee transparency remedies, advancing cross-border interchange reform, and publishing an independent evaluation of mandatory APP fraud reimbursement.
External source · Payment Systems Regulator
RegulationMar 26, 2026Text mentions “CHAPS”
UK Regulators Publish Unified Operational Incident Reporting Framework for Financial Services and Payment Infrastructure
The consultation that preceded these policy statements ran from December 2024 to March 2025 and received 13 responses. All submissions will be made through the FCA Connect platform. An FCA webinar on implementation is scheduled for April 29, 2026.
Operator source · Bank of England
NewsMar 23, 2026Text mentions “CHAPS”
SWIFT Structured Address Mandate Looms as Industry Surveys Reveal a Third of Payment Providers Unprepared
Industry surveys reveal that only a third of payment service providers are fully prepared for the November 2026 SWIFT CBPR+ structured postal address mandate, while nearly half of banks report that their customer address data remains in legacy unstructured formats. The readiness gap raises operational risk for cross-border payment processing across every major RTGS system that connects to the SWIFT network.
External source · SWIFT
GuideMar 11, 2026Text mentions “CHAPS”
RTGS, ACH, and Fast Payment Systems: A Practitioner's Guide to Payment Rails
RTGS systems settle payments individually (gross) and immediately (real-time) in central bank money.
External source · BIS CPMI
GuideMar 11, 2026Text mentions “CHAPS”
DNS, RTGS, and Hybrid Settlement: How Payment Systems Actually Clear and Settle
Understanding these models is essential for anyone working in payments - whether you are integrating with a new market's infrastructure, evaluating settlement risk, or simply trying to understand why a payment "cleared" but hasn't "settled.".
External source · BIS CPMI
MigrationMar 5, 2026Text mentions “CHAPS”
ISO 20022 Migration Tracker: Who's Migrated, Who's Next
The global payments industry is migrating to ISO 20022. Here's the current status across major RTGS systems, SWIFT, and card networks.
External source · SWIFT
Not listed here: 21 tagged articles that do not mention CHAPS. All coverage is in Insights.