Chaps Clearing Company ltd, the UK payment system that processes same day payments, on average, of £277bn daily with finality is pleased to announce BNY Mellon has joined Chaps as a Direct Participant.
A total of twenty-five banks will be Direct Participants of the CHAPS scheme by the end of next year. Interest is continuing to grow for CHAPS among other banks as the focus is placed on reducing systemic risk and improving operational efficiencies, as we continue to meet and anticipate evolving user needs.
BNY Mellon (NYSE:BK) is a global investments company which provides financial services for institutions, corporations or individual investors. As of March 31st 2014, BNY Mellon had $27.9 trillion in assets under custody and/or administration, and $1.6 trillion in assets under management.
BNY Mellon is an established provider in the UK and contributes substantially to the CHAPS daily value flows. BNY Mellon has joined CHAPS as a result of the introduction of tiering criteria by CHAPS and the Bank of England. This dovetails with BNY Mellon's strategic aims to expand their global payment capabilities to better support their clients' needs as the global payments landscape continues to evolve.
Phil Kenworthy, Managing Director of CHAPS Co said:
"We are delighted to welcome BNY Mellon into the CHAPS family. We are pleased if this assists in the achievement of their strategic goals and look forward to their global contribution to advancing CHAPS' strategic direction".
Michael Cole-Fontayn, EMEA Chairman at BNY Mellon said:
"Joining CHAPS supports our drive to provide additional benefits to clients, notably in the areas of payment solution flexibility, reporting and information management. We look forward to engaging with other participants and affiliates. Being an integral part of the CHAPS community will allow us to share important information on broader developments in the industry with our clients, and positions us to better assist CHAPS in serving its global client base."
 A Direct Participant is able to send and receive irrevocable, guaranteed sterling payments with same day settlement finality. An Indirect Participant is a bank or building society that processes payments via a Direct Participant