BNY Mellon joins CHAPS
Written by Michelle Stevens
Investment company BNY Mellon has become a shareholder in the UK’s Clearing House Automated Payment System (CHAPS).
BNY Mellon will also be a ‘Direct Participant’ in CHAPS, using its new global payments infrastructure to send and receive sterling payments settled on the same day. One of only six US banks to join the CHAPS board, BNY Mellon brings the payments system’s total membership to 21.
“Direct Participant membership in CHAPS in conjunction with our new payments infrastructure enables us to provide high value electronic payment solutions that are even more responsive to client needs across all of BNY Mellon’s businesses,” said Brian Shea, president, investment services, and head of client service delivery and client technology solutions at BNY Mellon.
“Delivering even stronger levels of cash and risk management tools to clients with sterling-denominated transactions will add an important new dimension to BNY Mellon’s nearly century-long presence in the UK.”
CHAPS processes over 92 per cent of all intra-bank payments by value in the UK. Over £70 trillion was processed through the system in 2013.