“The Bank of England was forced to suspend the UK's real-time gross settlement system Chaps for several hours on Monday while it investigates an unspecified technical glitch.
The breakdown in service is a big embarrassment for the UK's central bank, coming in the year that the Clearing House Automated Payment System celebrated its 30th anniversary as the 'unsung hero of the financial system'.
Chaps is responsible for processing over 92% of all intra-bank payments by value in the UK, handling an average of £277bn of payments per day.”
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