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JP Morgan Becomes CHAPS Member To Clear UK Sterling Payments

JP Morgan Treasury Services has become a direct member of the Clearing House Automated Payment System (CHAPS), the UK's high value, same-day payment system, to clear its UK sterling payments directly through CHAPS.

CHAPS Sterling is a same-day automated payment system for processing sterling payments made within the UK, between its member banks. CHAPS Sterling is a real-time gross settlement (RTGS) system that clears over GBP64 trillion a year.

Banks use CHAPS to move money around the financial system, but it is also used regularly for other types of payments including business-to-business payments; by solicitors/licensed conveyancers to transfer the purchase price of a house between the bank accounts of those involved; by individuals buying or selling a high-value item, such as a car, who need a secure, urgent, same-day guaranteed payment.

Alex Caviezel, treasury services regional executive EMEA at JP Morgan, said: “We are delighted to become a CHAPS direct participant, and a CREST settlement bank, which demonstrates our commitment to the UK payments system, and to building a platform to launch new sterling solutions in the near future and supporting our clients in multiple currencies. These moves follow extensive investment in core payment processing and will give us the flexibility and control to deliver market leading propositions to our clients.”

Alice Gregoriadi, head of core cash EMEA at JP Morgan, said: “JP Morgan’s direct membership of CHAPS allows us to extend our strong client service and clearing capabilities, developed in our market leading US Dollar and Euro clearing services, and apply them to our Sterling Clearing solutions. This means clients will benefit from competitive solutions as we launch our Sterling Clearing services later this year.”