The central bank announced there was an issue on its website earlier today (18 July), and said it was “mindful of the impact this is likely to have”. The Bank of England said it was working with a third-party supplier, the industry and other authorities to “resolve the issue as promptly as possible”.
In an update released at 4.30pm today, the Bank of England said: “We are pleased to confirm that the third-party supplier has restored service following their earlier issues, and CHAPS payments are settling as normal.
“We expect that all payments received by the bank today will be settled by the end of the day.”
The central bank said anyone concerned about a CHAPS payment they planned to make or receive today should get in touch with their bank or other payment service provider.
Retail payment systems were unaffected, the Bank of England said, meaning people were able to continue to use cashpoints, card payments and bank transfers as normal.
Wellness and wellbeing holidays: Travel insurance is essential for your peace of mind
Out of the pandemic lockdowns, there’s a greater emphasis on wellbeing and wellness, with
Sponsored by Post Office
CHAPS is the high-value payment system used by the central bank and it is open from 6am to 6pm from Monday to Friday. Customer payments must be made by 5.40pm. The Bank of England says “several thousand” financial institutions use the CHAPS system, including high street lenders.
This article first appeared on our sister site, Mortgage Solutions, here.