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What will be the primary consequence of the CHAPS service disruption on July 18, 2024?
2
Resolution / Starting Odds
Fines or penalties • 25%
Operational changes • 25%
Leadership changes • 25%
No significant consequences • 25%
Official announcements from the Bank of England, news reports
Story
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.
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Cyber attack • 25%
Technical failure • 25%
Human error • 25%
Other • 25%
Yes • 50%
No • 50%
By July 31, 2024 • 25%
By August 31, 2024 • 25%
By September 30, 2024 • 25%
After September 30, 2024 • 25%
Yes • 50%
No • 50%
Financial losses • 25%
Regulatory changes • 25%
Operational disruptions • 25%
Public trust issues • 25%
Significant negative impact • 25%
Moderate negative impact • 25%
No significant impact • 25%
Positive impact • 25%
Technical issues • 25%
Cyberattack • 25%
Server overload • 25%
Other • 25%
North America • 25%
Europe • 25%
Asia-Pacific • 25%
Other • 25%
Yes • 50%
No • 50%
Software Bug • 25%
Cyber Attack • 25%
Configuration Error • 25%
Other • 25%
Technical glitch • 25%
Cyber attack • 25%
Human error • 25%
Other • 25%