CHAPS Co

CHAPS Co processes and settles systemically important and time-dependent payments. Key drivers for the Company are the provision of a robust and resilient infrastructure, innovation through responding to members' and market needs and the ability to do so in an efficient and cost-effective manner.

On 9th February 1984 the CHAPS Sterling system commenced operations. At the end of 1984 the average daily volume and value transmitted was around 7,000 payments with an aggregate value of around £5 billion. Now, 25 years on, comparative numbers are around 130,000 payments with an aggregate value of around £300 billion.

CHAPS continues to be one of the largest real-time gross settlement systems (RTGS) in the world offering Members, and around 400 financial institutions utilising agency arrangements through direct Members, an efficient, risk free and reliable same-day payments mechanism for their Sterling RTGS payment requirements.

CHAPS is a Member focused Company with strategic direction, leadership and ownership vested in an active Board of Directors. It is the Company's strategy to promote operational efficiency;

• Internally, by (i) removing duplication and, (ii) through outsourcing functions where appropriate, and
• In Members by (i) providing feedback on performance and, (ii) providing operational support in contingency situations.

This and the overall robustness of the system is ensured by the proactive involvement of five standing committees, Operational, Technical, Security, Audit and Legal all reporting in to the Board.

Please visit their website at www.chapsco.co.uk