Bank of EnglandRSS

Bank of England live on Swift’s MIRS contingency platform

The Bank of England has gone live on Swift's backup system

The Bank of England has become the first central bank to go live with an implementation of the Market Infrastructure Resiliency Service contingency system it has been piloting with Swift over the past few years.

The man from CHAPS


The UK’s Clearing House Automated Payments System turned 30 earlier this year. It wasn’t an anniversary marked with street parties by a grateful nation, but in its quiet way it was a significant moment, for – in common with the whole payments infrastructure – the system is going through a period of change. Phil Kenworthy, […]

Five international banks to join UK’s CHAPS system


Five international banks are to become direct participants in the UK’s CHAPS high-value payments system as part of the Bank of England’s efforts to reduce systemic risk.

New CHAPS mechanism reduces intraday liquidity demands on members


A new Liquidity Savings Mechanism for CHAPS clearing members is showing significant improvement in liquidity efficiency after its first two months of operation. Members of the CHAPS Clearing Company, the organisation responsible for the operation of the UK’s same-day high-value payment system, began using the new LSM in April. Developed by the Bank of England, […]

FSA’s swansong opens a fast track for new entrant banks

The Bank of England wants more competition in the UK banking sector

In future, the possibility of a bank failure will be accepted as a normal market process, and barriers to entry for new start-ups, including a removal of capital requirement obstacles, will be removed, the Financial Services Authority and the Bank of England have confirmed.