CHAPS has appointed Tim Fitzpatrick as its new CEO, with effect from 18 January 2016.
Fitzpatrick will replace Mark Hale, who has been acting interim CEO since June, and who will return to his regular position as CEO of payments service company the UK Payments Administration.
Currently, Fitzpatrick is COO of global payments and cash management and group head of payment services at HSBC, and has worked for the bank since 1991. He also has experience in trade services and transaction banking.
CHAPS co-independent chair Herta von Stiegel said: “[Fitzpatrick] brings a wealth of experience to the role which will help the UK’s international and wholesale payment system to safely navigate the challenges ahead.”
He added: “I would like to thank Mark Hale who has done an outstanding job as interim CEO, the company is in good shape for Tim to take over the reins. I’m also delighted that [Hale] in his continuing capacity as CEO of UK Payments will continue to work closely with [Fitzpatrick] and CHAPS. There’s no doubt that the industry will be enriched by the close collaboration of these two senior leaders.”
Fitzpatrick said: “It is a very exciting time to be joining CHAPS. The most important user requirement is of course resilience and stability, but I am looking forward to listening to all of CHAPS’s users to see how we can work with them to further enhance the service to meet their evolving needs.”
CHAPS is a high-value payments settlement system, primarily used for wholesale financial payments, both internationally and on a domestic level. It settles a daily average of £269 billion on behalf of about 5,000 institutions and individuals, and processed £68 trillion in 2014.
