RTGS-CHAPS

UK RTGS for large-value GBP payments.

Definition

ISO 20022 migration effective 19 June 2023 (Bank of England Renewal program). pacs.008/pacs.009 messages. 6AM-6PM UK time operation. Used for property transactions, FX market settlement, government-to-business payments.

Origin

CHAPS launched 1984 ; modernised via RTGS Renewal (2018-2024).

Example in context

A property buyer transfers GBP 500K to their solicitor via CHAPS, credited in 15 minutes.

Related terms

• Fedwire — related USD RTGS.