Catalogue description CHAPS Co Website

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Details of T 662
Reference: T 662
Title: CHAPS Co Website
Description:

This series contains dated gathered versions (or 'snapshots') of the CHAPS Co website. [Please note: These records may be accessed via the UK Government Web Archive].
Date: From 2012
Arrangement:

Please see information at Divisional level.
Held by: The National Archives, Kew
Legal status: Public Record(s)
Language: English
Creator:

Bank of England, 1694-

Treasury, 1667-
Physical description: archived website(s)
Access conditions: Open
Immediate source of acquisition:

Gathered from original website.
Accruals: Future website versions may be anticipated.
Administrative / biographical background:

CHAPS (Clearing House Automated Payment System) is a sterling same-day system that is used to settle high-value wholesale payments as well as time-critical, lower-value payments like buying or paying a deposit on a property.

CHAPS was originally established in London in February 1984 by the Bankers Clearing House. In December 1985 it transferred to the CHAPS and Town Clearing Company Limited. This company also operated the 'town clearing' system, where cheques cleared the same day between the 'town' bank branches in central London; 'town clearing' had been the forerunner of the CHAPS system and was finally closed in 1995. With the closure of the town clearing, the operating company was renamed to CHAPS Clearing Company Limited (informally 'CHAPS Co'). Responsibility for the CHAPS system transferred to the Bank of England in November 2017.

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