A record £75.6 trillion was sent via the CHAPS high value payments network in 2016, marking a 10.5 per cent increase on 2015.

The figures were revealed in the CHAPS Market Summary 2017 report, which found the total volume of payments also reached an all-time high of 39.0 million. Nearly £300 billion was processed daily, with a peak of £434 billion.

Three new Direct Participants joined CHAPS in 2015-16, which contributed 20-25 per cent of the total 10.5 per cent growth in value, partly by externalising payment traffic that was previously processed internally with the institution that provided them with indirect access. Direct participation has also enabled new entrants to extend the range of the banking products that they offer.

The number of Direct Participants has now increased to 26, following the addition of Bank of China Limited and ClearBank in early 2017. CHAPS also expects to welcome another six to 10 institutions by the end of 2018.

Tim Everest, chief operating officer at CHAPS, said: “We have been working closely with the Bank of England, our participants and key partners to increase direct participation to the CHAPS system. With the number of new Direct Participants rapidly increasing, we are confident that the CHAPS system will continue to provide increasing levels of access and, critically, financial stability to the payments market.”

Tim Fitzpatrick, chief executive of CHAPS, added: “This is an exciting time for CHAPS – the market summary reinforces our position as one of the largest RTGS-settled systems in the world. The expansion over the last two years in direct participation has contributed to CHAPS’ 10 per cent value growth and with further expansion expected, we have an excellent foundation on which to build CHAPS’ future in the evolving payments landscape.”

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