CHAPS adds BNP Paribas as direct participant for same-day payments

CHAPS, the UK’s same day high-value electronic payment system, has announced the addition of BNP Paribas SA (EPA:BNP) as a Direct Participant onto its system.

CHAPS, which stands for Clearing House Automated Payment System, is a very well known entity in the United Kingdom which is used by retail and commercial banking customers alike. The addition of further direct participants means that FX firms and other online business which bank with several banks can use the CHAPS system for fast deposits and withdrawals.

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” concluded Mr. Hale.

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.

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