Bank of England to Start CHAPS Payments at 1:30 a.m. from September 2027
The Bank of England announced Tuesday that its CHAPS high-value interbank payment system will begin daily operations at 1:30 a.m. instead of 6:00 a.m. starting September 2027, marking a major shift in settlement timing.
Officials said participation in the earlier start will remain optional for banks. The central bank confirmed it is pausing plans for evening settlement while exploring long-term proposals for round-the-clock payments.
CHAPS handles critical large-value transactions across the UK financial system. The change supports faster liquidity management and aligns with global moves toward 24-hour financial infrastructure.
The move signals the Bank’s gradual transition toward continuous settlement.