This horizon scanning process is informed by consultation with internal and external experts across a range of topics reflecting the importance of understanding external views on RTGS and CHAPS to inform our strategy and supporting activities. Complete the internal and external preparation work for the renewed RTGS service including the new ISO 20022 messaging standard. Strong operational resilience of RTGS and CHAPS is important to help avoid major operational disruption, which could impact financial stability. As such, further enhancing the operational resilience of the RTGS and CHAPS services is one of our key priorities. In common with regulated firms and Financial Market Infrastructures, we aim to comply with the new operational resilience requirements set out by the regulatory authorities. Strong arrangements for operational resilience also support our compliance with the Principles for Financial Market Infrastructures – especially Principle 17 – Operational risk, as well keeping us within our risk tolerance statements. From November 2025, we intend to implement a programme of regular upgrades to the CHAPS enhanced messaging schemas. We will support this approach by introducing a new Change Management Framework for CHAPS ISO 20022 messages. This will provide a transparent and inclusive approach to updating ISO 20022 CHAPS messages. The approach will allow us to update in line with the latest versions of ISO 20022, in coordination with other domestic and global market infrastructures. It will also facilitate the implementation of policy changes such as purpose code revisions and allow CHAPS Direct Participants to propose and agree changes. The Houghton Country store also brings you stylish accessories for dogs, as well as all the treats and toys you need to keep them happy and healthy. What’s more, we have everything you need to create a country-style home in our charming home and gifts department.

Full leather boot, waxed leather foot and lacing reinforcement, waterproof to above the ankle, laced front for a custom fit, insulated calf, micro-fibre suede lining for warmth, spur stud heel, slimline rubber sole with deep cleats for grip, grained leather leg. The Bank of England’s mission is to promote the good of the people of the United Kingdom by maintaining monetary and financial stability. The provision of RTGS and CHAPS services directly supports our mission in three ways: The RTGS and CHAPS services are systemically important to the UK and we have a target of at least 99.95% operational availability. An operational issue in RTGS and/or CHAPS could have a wide-ranging impact on the financial system and broader economy. The best part is these are accessories, so you can layer them over just about anything! Just watch out for clipping with wider leg pants. ❤️Genuine oiled leather, dense insulated calf for warmth, laced design allows for a fully customisable fit, non-slip rubber sole, brogue detailing. We have published on MyStandards the enhanced ISO 20022 message schemas for the CHAPS and Reserves and Settlement Account Holders, together with further Technical Guidance. Operate the RTGS and CHAPS live services to agreed standards and risk tolerance; including managing the current RTGS infrastructure to a safe retirement. Most of CHAPS value (73% in 2021) is in wholesale financial transactions and is therefore largely reflective of financial market conditions.

The current enhanced message schemas are up-to-date and align with the latest international market practice. These are the message schemas that CHAPS Direct Participants and Settlement and Reserves Account Holders should implement and develop against, in line with the ISO 20022 approach and timelines as set out in this section and Section 1. Publication on Standards Source Create a more proportionate, simplified and integrated, risk-based approach to CHAPS participant risk management that also supports our access objectives. The framework for managing data truncation will broadly remain in place with updates to reflect that between November 2022 and April 2023, CHAPS Direct Participants will need to truncate enhanced messages into MT messages, rather than like-for-like ISO 20022 messages. Wider adoption and benefits ISO 20022 The Renewal Executive Board will take the final go-live decisions for the various implementation stages of the renewed RTGS system.

Engagement with CHAPS users

We will move to a new core ledger for RTGS in Spring 2024 and we have consulted on a revised tariff structure for adoption in 2024. The Renewal Programme has started to broaden engagement out to all RTGS account holders as all – not just CHAPS Direct Participants – will be directly impacted by the changes to the core ledger. Our strategy for RTGS and CHAPS has evolved each year since CHAPS was brought into the Bank in 2017: We prioritise safe and resilient and well run as these are preconditions for the remaining themes of responsive and renewed. The renewed RTGS service will be built to support a substantial increase in the number of CHAPS direct participants – with a simpler and more proportionate joining process than now. For example, testing will be streamlined for new joiners as well as existing CHAPS direct participants.

Further enhance the operational resilience of the RTGS and CHAPS services, aiming to achieve best-in-class standards. The Society for Worldwide Interbank Financial Telecommunication - understandably shortened to SWIFT - is a network that allows banks to communicate financial information securely¹. Work on understanding operational aspects made good progress in 2020/21 and we have continued to work with UK Finance to encourage the industry to seek to understand and mitigate legal barriers to the implementation of a VSSP. This Annual Report is an important part of our wider commitment to transparency and accountability. Through this report, we are sharing our strategic themes, and how we work with industry to deliver effective RTGS and CHAPS services while providing value for money.

CHAPS payments for customers

There is a Bank-wide risk management framework, complemented by a local framework specific to RTGS and CHAPS. In line with the governance arrangements outlined above, the RTGS/CHAPS Board has delegated the setting (and monitoring) of the RTGS and CHAPS risk management framework and risk profiles to the RTGS/CHAPS Board Risk Committee. This Risk Committee is also responsible for monitoring the RTGS and CHAPS risk tolerances – consistent with the overall Bank risk tolerance. It provides assurance to the Board that the Bank is fulfilling its risk management responsibilities as the operator of the RTGS and CHAPS systems. It also plays a key role in providing strategic steer and challenge on the risk framework’s design and implementation. CHAPS values reverted towards 2019 levels in 2021. Value decline in 2021 was in both corporate (and other non-interbank) and in wholesale financial use, particularly in money markets. We regularly publish a self‐assessment against the Principles for Financial Market Infrastructures (PFMIs) as the operator of the RTGS and CHAPS services (and not as a user of those services, or in our broader roles as supervisor of Financial Market Infrastructures and banks). The PFMIs are internationally agreed standards considered essential to strengthening and preserving financial stability.

This ISO 20022 handbook contains all necessary information on the Bank’s migration of CHAPS to ISO 20022 messaging. It provides comprehensive information on our approach, policies and timelines, as well as signposting key technical resources, such as the location of technical documents and detail about industry readiness and testing. This document replaces previous publications such as the CHAPS and RTGS ISO 20022 migration publication that was issued in October 2020 and updated in September 2021. Usually low cost - if a little more expensive than a BACS transfer. Some banks waive the fee entirely Over 2021/22, our RTGS and CHAPS services continued to play a central role within the domestic and international landscape. Our mission is supported by four strategic themes for delivery, summarised below:Those Direct Participants who opted to receive daily statements as camt.053 from the new RTGS core settlement engine implementation (previously called Transition State 3, in summer 2023), will now migrate in summer 2024 in line with the updated (February 2023) timetable. Given the changes underway, the number of slots available to join CHAPS has reduced during the transition period to the renewed RTGS service. The final slots ahead of the introduction of a new core settlement engine for RTGS in summer 2024 have been allocated. The next available joining date for CHAPS is unlikely to be until the second half of 2024. In the meantime, we continue to welcome expressions of interest for direct access to CHAPS from eligible organisations who want to understand the relevant rules and future technical requirements with a view to being ready to join from 2024 onwards. Operate the RTGS and CHAPS live services to agreed standards and risk tolerance; including managing RTGS1 to a safe retirement. Effective governance arrangements and adherence to supervisory requirements Direct Participants completed Participant Testing in October 2022 ahead of the planned migration to ISO 20022 messaging in June 2023. The Bank issued a minimum set of test cases for each Direct Participant to complete (Participant Acceptance Testing), alongside their own testing plans using either a test simulator or a ‘buddy’ bank. Once Direct Participants successfully completed this testing, a more structured test phase (‘Group Testing’) allows DPs to test multi-laterally with each other, including contingency and volume test scenarios. An additional test window at the end of Group Testing has been planned for any post regression test fixes that may be applied as a result of ECB go live. We published a consultation response setting out the final recommended UK Purpose Code List and the Bank’s approach to implementing the list in CHAPS.