Bank of England’s extended CHAPS roadmap
Benjamin David, head of intelligence, for The Payments Association: “The Payments Association welcomes the Bank of England’s consultation on extending RTGS and CHAPS settlement hours as part of its roadmap towards near 24/7 settlement. Building on the Early Morning Extension due in September 2027, the roadmap represents a significant step towards improving liquidity management, supporting cross-border settlement and enhancing operational resilience.”
“Our members welcome the decision to prioritise a stable, well-tested rollout. Institutions recognise the long-term benefits of extended settlement windows, including supporting innovations such as payment synchronisation, improving cross-border settlement and reinforcing the UK’s competitiveness as a global financial centre.”
“However, while the strategic vision is clear, practical execution must be carefully managed. As the Bank considers weekend settlement after 2029 and a 22:00 to 06:00 framework after 2031, it’s important that the principle of optional participation outside core hours is preserved. Firms should be able to align resourcing and technical readiness with client demand. Longer settlement hours will require firms to rethink staffing models, operational support and maintenance windows, and the transition must preserve sufficient time for critical system maintenance while avoiding unnecessary operational burdens.”