Bank of England reports problems with CHAPS payments system

Bank of England reports problems with CHAPS payments system


Blurred buses pass the Bank of England in the City of London on 7th February 2024 in London, United Kingdom. 

Mike Kemp | In Pictures | Getty Images

The Bank of England said on Thursday that a “global payments issue” was affecting the interbank payments service CHAPS, delaying some high-value and time-sensitive payments including some house purchases.

“We are mindful of the impact this is likely to have and are working closely with a third-party supplier, industry and other authorities to resolve the issue as promptly as possible,” it said in a statement.

Retail payment systems and cash machines were unaffected, the BoE added.

The CHAPS system – which is operated by the BoE – has suffered technical problems before, including in August last year and in 2014 when the Real-Time Gross Settlement system, which underpins CHAPS, did not work normally for several hours.



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