Bank of China joins Chaps as direct participant

Source: Chaps

CHAPS Clearing Company Limited, the UK’s same day high-value payment system, welcomes Bank of China Limited as a shareholder and Direct Participant in CHAPS with immediate effect.

This brings the total number of CHAPS Direct Participants to 25, with several more major institutions set to join before the end of next year.

Bank of China Limited is the most internationalised and diversified bank in China. Established in 1912, it has been satisfying the financial requirements of its clients in the UK for nearly 90 years with a comprehensive range of financial services.

Sun Yu, General Manager, Bank of China Limited, London branch, said:

“We are delighted that we are now a shareholder and the first Asian-headquartered Direct Participant in CHAPS. After joining CHAPS, we have completed another vital step towards the internationalisation of our direct clearing network, now covering the world’s major currencies. Our customers will benefit from the more efficient, secure and flexible payment and settlement services provided by Bank of China Limited.”

Tim Fitzpatrick, Chief Executive of CHAPS Co, said:

“We are pleased to welcome Bank of China Limited to CHAPS as a shareholder and full Direct Participant. Bank of China Limited is a leader in banking and financial services with an international presence in over fifty countries, and their participation in CHAPS further extends the accessibility of our service around the globe.

“Our expanding base of Direct Participants is a testament to the world-class offering we provide. We are looking forward to working with Bank of China Limited to enhance CHAPS for the benefits of all our users.”

CHAPS continues to be one of the largest RTGS systems in the world, offering efficient, risk-free and irrevocable same day payments to meet the sterling RTGS payment requirements of its Direct Participants.
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