The Bank of England has been affected by what has been described as a ‘global payment issue’ which has disrupted its CHAPS system, causing delays in high value and time sensitive payments.
The Bank said it was working to resolve the issue with the CHAPS system, which is used by traditional High Street banks as well as international lenders, as quickly as possible. Users concerned about CHAPS payments have been advised to contact their bank.
In an official statement, the Bank noted: “A global payments issue is affecting the Bank’s CHAPS service and delaying some high value and time-sensitive payments, including some house purchases.
“We are mindful of the impact this is likely to have and are working closely with a third party supplier, industry and other authorities to resolve the issue as promptly as possible.”
Financial institutions make use of the CHAPS system in order to transfer money between them, which accounts for a majority of payments. It is estimated that there are 200,000 payments made via the CHAPS service every day in the United Kingdom, at a estimated value of £363bn.
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