CHAPS Co welcomes J.P. Morgan to its membership

CHAPS Clearing Company Limited, the organisation responsible for the operation of the UK’s high-value, same-day money transfer system and the Faster Payments Service, today (21 June 2010) announced that J.P. Morgan is to become a full member of the CHAPS Scheme with immediate effect. This now brings total membership to 17 members.

The CHAPS Scheme provides a guaranteed same-day service for the transmission of sterling-denominated payments. Although it is mainly used for high-value business-to-business payments consumers will have used the system when buying or selling a high-value item, such as a house or car.

Dave King, CHAPS Scheme Manager said:

“CHAPS has an unblemished reputation for handling huge volumes and values of payments quickly and securely and, we are delighted that J.P. Morgan has joined us as a full member. Although every bank in the UK has access to CHAPS through agency agreements the benefit of being a member is to have a direct say in the operation of a payment system which forms an integral part of the UK’s economic infrastructure. ’

In 2010 on the peak day (29 January), CHAPS Sterling successfully processed a staggering £329 billion. To put this in perspective, consumers spent £396 billion on plastic cards in 2009.  

ENDS

For further information, contact the press office on 020 7711 6316 or press@ukpayments.org.uk. 

NOTE TO EDITORS

CHAPS Co processes and settles systemically important and time-dependent payments through its two payment schemes. The CHAPS Scheme enables same-day bank-to-bank payments in sterling and has 17 members. The Faster Payments Scheme enables telephone and online banking payments, as well as standing orders, to be processed within hours and was launched on 27 May 2008. There are 13 members.