26 May 2016
Reporter: Stephanie Palmer

CHAPS gains new direct participant

Northern Trust has become the latest institution to join the CHAPS payment network as a shareholder and direct participant.

The high-value sterling payment settlement system now has a total of 24 direct participants, after Societe Generale signed up in February.

CHAPS works closely with the Bank of England and aims to reduce the systemic risk of indirect participants processing high values of payments. It settles around £277 billion daily.

David Wicks, regional head of enterprise operations for Europe, the Middle East and Africa at Northern Trust, said: “As the industry continues to focus on security, transparency and accessibility for transactions, Northern Trust is pleased to become a direct participant in CHAPS. We look forward to engaging with the other participants and working to bring our clients greater efficiencies for their transactions.”

Tim Fitzpatrick, CEO of CHAPS, said: “Northern Trust is a leader in banking and financial services across the globe and we look forward to working closely with them as we continue to enhance the CHAPS service for the benefit of all our users.”

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