What is CHAPS?
CHAPS (Clearing House Automated Payment System) is a high-value payment system operated by the Bank of England. It is used to settle large and time-critical payments in the UK and internationally.
The Disruption
On [date], CHAPS experienced a global payment disruption. This caused delays and cancellations of payments to and from the UK. The disruption impacted businesses and individuals who use CHAPS for time-sensitive payments.
Causes of the Disruption
The Bank of England is investigating the cause of the disruption. However, it is believed to be related to a technical issue at a CHAPS participant bank.
Impact of the Disruption
The disruption caused significant delays in the processing of payments. Some payments were cancelled altogether. This impacted businesses and individuals who relied on CHAPS for time-sensitive payments.
Resolution
The Bank of England is working to resolve the disruption as quickly as possible. CHAPS is currently operating with reduced capacity. The Bank of England expects the system to be fully operational soon.
Advice for Customers
Customers who are experiencing delays or cancellations of CHAPS payments are advised to contact their banks. Banks will be able to provide updates on the status of payments and advise on alternative payment methods.
Updates
The Bank of England will provide regular updates on the progress of the resolution. Updates will be available on the Bank of England website.
Kind regards,
G. Porter
