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Catalogue description CHAPS Co Website
This record is held by the UK Government Web Archive.
Find a link in the catalogue description to the archived website that holds the record.
| 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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