RTGS/CHAPS forum details 24/7 settlement, API plans

The Bank of England's first RTGS CHAPS Industry Forum met to discuss strategic issues for the live operation and future change roadmap of its RTGS and CHAPS services. Key topics included the path to near 24/7 settlement and API functionality.

Shaping the future of payments

The Bank of England outlined its strategic vision for the RTGS and CHAPS services, emphasizing their role as a stable, central bank money-anchored ecosystem for private sector innovation.

The RTGS Renewal Programme provides a robust foundation for ongoing change, with a focus on maintaining resilience while supporting safe innovation.

Members praised this narrative and inquired about lessons learned from the Renewal Programme.

The Bank highlighted its commitment to significant upfront investment in defining clear scope and objectives with internal and external stakeholders before proceeding to delivery, a practice validated by positive external reports.

Discussions also covered opportunities to integrate resilience workstreams with broader industry initiatives, such as Pay.UK's efforts, and to align innovation and data streams with UK Government projects like the digitalisation of home buying.

The importance of continuous improvements to user experience and the benefits of using purpose codes for operational resilience were also raised.

Phased approach to extended hours

The Bank shared a high-level roadmap for RTGS and CHAPS, outlining functional enhancements and strategic changes.

2026 focuses on service stability and foundational work.

2027 will prepare for CHAPS opening from 1:30am in September, introduce further API functionality, and build towards a live synchronisation service.

Strategic improvements like extended settlement hours and enhanced network resilience are slated for 2028 and beyond.

Members supported these plans, noting the significant industry-wide changes required for participants, including adjustments to business models.

The impact on liquidity management was identified as a key topic for future meetings, alongside the need for early signposting of API enhancements to secure investment.

Industry takes the wheel

The inaugural forum marks a crucial step in collaboratively shaping the future of the UK's core payment infrastructure.

While the Bank of England's vision for extended hours and enhanced resilience is clear, the transition to near 24/7 settlement presents significant operational and cultural challenges for industry participants.

Success hinges on sustained engagement and proactive adaptation across the entire financial sector, ensuring a smooth evolution of critical payment services.