Chaps Clearing Company Limited, the organisation responsible for the operation of the UK's high-value, same-day money transfer system and the Faster Payments Service, today (18 October 2010) announced that Bank of America Merrill Lynch is to become a full member of the Chaps Scheme with immediate effect.
This now brings total membership to 18 members.
The CHAPS Scheme provides a guaranteed same-day service for the transmission of sterling-denominated payments. Although it is mainly used for high-value business-to-business payments, consumers will have used the system when buying or selling a high-value item, such as a house or car.
Dave King, CHAPS Scheme Manager said: "CHAPS continues to play an integral role in the UK economy, serving as the only system capable of processing same-day high-value payments. We are delighted that Bank of America Merrill Lynch has joined us as a full member; they are the second new member to join us this year. '