Bank of England's CHAPS Service Restored After Global Payments Issue Delays High-Value Payments, House Purchases

Jul 18, 2024, 02:31 PM

The Bank of England has reported issues with its CHAPS service, one of the largest high-value payment systems in the world, due to a global payments issue. This disruption has caused delays in high-value and time-sensitive payments, including house purchases. The Bank of England is working closely with a third-party supplier, industry, and other authorities to resolve the issue. The service has since been restored, and the Bank expects all payments received today to be settled by the end of the day. CHAPS, an RTGS system, was affected by the third-party supplier's issues.