CHAPS Co, the UK’s same day high-value payment system, which is used predominantly for international and wholesale payments, as well as critical retail, commercial and corporate payments, announces today the permanent appointment of Tim Everest as its Chief Operating Officer (COO).
Reporting to the Chief Executive Officer, Tim’s appointment takes effect from today. Tim has been working as interim COO at CHAPS for the last 14 months, where he has been responsible for operations, technology, change-management, security as well as integrating new scheme Participants.
Tim brings with him a wealth of experience, having spent the last 25 years working in banking, with a particular focus on technology and change-management. Before joining CHAPS, Tim worked at Deutsche Bank and for many years at Lloyds Banking Group where he held many organisation-wide technology roles focussing on transformation, integration, sourcing, service and complex change delivery.
Tim Fitzpatrick, CHAPS Chief Executive Officer, said:
“Tim’s support and contribution over the last 14 months has been significant and I’m delighted that he is joining the team permanently. Tim is a great asset to CHAPS, having not only implemented a successful business transformation programme which has streamlined processes and achieved considerable efficiency savings, but he has also realised significant improvements to the scheme resiliency and access.
“As a critical Financial Market Infrastructure (FMI), CHAPS performs an important role in co-ordinating and connecting the three separate parties of the high-value payments ‘eco-system’ - the Bank of England, SWIFT and the Direct Participants. I look forward to continuing to work closely with Tim as we serve our diverse users.”
Tim Everest, CHAPS Chief Operations Officer, said:
“I have thoroughly enjoyed working with CHAPS over the last 14 months, leading the organisation through a major transformational phase, whilst still delivering a critical service. It has been remarkable to see first-hand the vital role that CHAPS plays as a financial market infrastructure, acting as a key cog in the smooth running of the UK economy and performing an essential service to our Participants and their customers.
“I am delighted to join CHAPS on a permanent basis, as we forge ahead with our strategic priorities, ensuring that the UK’s high value payment system, which processes around £270 billion per day, is well positioned to meet the added challenges and demands of the future.”
Last year CHAPS processed a staggering £68 trillion, which is the equivalent of processing the UK’s GDP every six days. It processes 92% of all sterling value payments, with the vast majority (78%) being wholesale financial payments.