CHAPS Co. (CHAPS), the UK’s same day high-value electronic payment system, has announced the addition of BNP Paribas as a Direct Participant onto its system.
As a Direct Participant, BNP Paribas can now directly send and receive irrevocable, guaranteed sterling payments with same day finality, rather than through a third-party. Its customers will also benefit from enhanced payment security and mitigation of settlement risk.
Mark Hale, Acting CEO of CHAPS, comments: “We are delighted to welcome BNP Paribas as a Direct Participant within the CHAPS system. BNP Paribas is a leader in banking and financial services in Europe, with an international presence in 75 countries. The Direct Participation of BNP Paribas in CHAPS further extends the accessibility of CHAPS around the globe and we are looking forward to working with them to enhance the service for the benefits of all our users.”
Paul Gennart, Global Markets Chief Operating Officer, BNP Paribas, comments: “CHAPS’ proven mechanism for delivering safe and secure payments enhances our ability to meet the evolving needs of our global client base – notably in terms of flexible payment solutions, reporting and information management.”
The official joining of BNP Paribas now takes the total of CHAPS’ Direct Participant base to twenty two, with further banks expected to be onboarded by the end of 2016.
CHAPS performs a fundamental role in the UK economy, settling high-value, time-dependent sterling payments securely in real-time. It represents 92% of total sterling payment values (excluding internalised flows within Payment Service Providers) and settles an average of £277 billion on behalf of more than 5,000 institutions and individuals every day.
Contributed | what does this mean?