Chaps payments resume as Bank of England fixes its RTGS error

 
Emma Haslett
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The Bank of England says it has fixed a glitch in its real-time payment system after it was down for most of the day (Source: Getty)

The Bank of England said this afternoon it has fixed its real-time payment system, after it was down for most of the day.

The Bank suspended its Real Time Gross Settlement (RTGS) system, which is responsible for large transfers, this morning, after it discovered an error. That caused the Clearing House Automated Payments System ("Chaps" to its friends), to pause the processing of payments.

But the Bank said at about 4.30pm that it had resolved the issue, adding that it had extended its opening hours until 8pm to "maximise the opportunity for settlement".

The RTGS plays a "vital role in the safe functioning of the UK financial system and in fulfilling the Bank's core purposes maintaining monetary and financial stability", the Bank has said, while Chaps - a separate company founded in 1984 - processed around £70tn of payments last year.

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