BNP Paribas becomes CHAPS’ 22nd direct participant
BNP Paribas has become a direct participant in CHAPS, the UK’s same day high-value electronic payment system, the 22nd bank to join in this role. More are expected to join by the end of 2016. As a direct participant, the bank can directly send and receive irrevocable, guaranteed sterling payments with same day finality, rather than through a third-party.
“CHAPS’ proven mechanism for delivering safe and secure payments enhances our ability to meet the evolving needs of our global client base – notably in terms of flexible payment solutions, reporting and information management,” said Paul Gennart, global markets chief operating officer at BNP Paribas.
Mark Hale, acting chief executive of CHAPS, said: “BNP Paribas is a leader in banking and financial services in Europe, with an international presence in 75 countries. The direct participation of BNP Paribas in CHAPS further extends the accessibility of CHAPS around the globe and we are looking forward to working with them to enhance the service for the benefits of all our users.”
CHAPS represents 92% of total sterling payment values (excluding internalised flows within Payment Service Providers) and settles an average of £277 billion on behalf of more than 5,000 institutions and individuals every day.