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13th October 2017
CHAPS forecasts resilient volume growth
The long-term volume growth forecasts for CHAPS demonstrate resilient demand for the UK’s same-day, high-value payment method despite wider medium-term economic uncertainty, according to a new report by CHAPS Co.
The ‘CHAPS Market Forecasts 2017’ predicts that following a period of adjustment post-Brexit, CHAPS volumes will recover in line with the UK and global economy, and with international trade. By the end of CHAPS Co's ten-year horizon, CHAPS volumes are expected to increase steadily, reaching 43.5 million payments in 2026, partly through more focused and specialised CHAPS use.
This resilience in CHAPS volumes is expected partly as a result of the Bank of England’s blueprint for a renewed Real Time Gross Settlement (RTGS) service for the UK. As part of the RTGS blueprint proposals, the number and range of banks and non-banks able to hold settlement accounts and access CHAPS/High Value Payment System (HVPS) directly is planned to grow. The expected increase in direct participation will externalise CHAPS payment traffic, partially contributing to the forecast growth in CHAPS volumes in the long-term.
Tim Everest, Chief Operating Officer of CHAPS Co, said: “Following significant growth in direct participation in CHAPS during the past three years and with support from the Bank of England’s RTGS blueprint proposals to increase access to the Scheme, CHAPS is set to on-board at record levels in the foreseeable future. We look forward to facilitating greater access to CHAPS/HVPS while building on our trusted reputation for settling and delivering high value sterling payments safely, securely and efficiently.”