Real-Time Gross Settlement (RTGS) system and CHAPS Annual Report 2022/23

As part of its commitment to transparency and accountability, the Bank of England (BoE) has published the annual report 2022/2023 on the Real-Time Gross Settlement (RTGS) system and CHAPS, the Clearing House Automated Payment System. The report covers the period from April 1, 2022 to March 31, 2023 and
– provides an overview of the RTGS and CHAPS services provided in this time period, including statistical figures on payment settlements over RTGS;
– explains the critical function of the RTGS and CHAPS for the functioning of the UK economy;
– describes the measures in place and activities undertaken by the BoE in the past year to enhance risk management, cyber assurance over CHAPS, and operational resilience;
– outlines the progress made in onboarding activities to have new firms participate „in using RTGS to settle directly in one or more payment systems“;
– describes the progress in offering „omnibus accounts“ for regulated payment system operators;
– explains the upcoming changes in the fees for using RTGS and CHAPS which will be recovered from the banking industry; and
– provides a brief summary of the actions taken by the BoE to respond to (current) challenges, such as engagements with stakeholders to ensure resilience of the systems or the scanning of changes in the payment landscape to make necessary system adjustments.
Furthermore, the report deals with the six-hour disruption to RTGS and CHAPS settlement on August 14, 2023 due to a technical issue and the Bank’s response to the incident and outlines the Bank’s efforts to transition to the new global financial messaging standard ISO 20022. In this context, the BoE notes that the new standard is crucial in providing greater flexibility in payments and in opening up possibilities for future innovation.
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As there are several other issues covered in the report, please refer to the original document for more detailed, comprehensive information.