Bank of England’s CHAPS Service Experiencing Global Payments Issue

The Bank of England’s CHAPS service is currently facing a global payments issue that is causing delays to high-value and time-sensitive payments, including house purchases. This issue has the potential to impact property exchanges and completions across the country, adding stress to an already nerve-wracking process for many individuals.

While retail payment systems and cash machines remain unaffected, the disruption in CHAPS service is significant as it is one of the largest high-value payment systems in the world. With banks processing around £350bn a day through this system, any delays can have far-reaching consequences for individuals and businesses alike.

Director of Thomas Legal, Chris Barry, highlights the potential breach of contract for those whose payments are affected by this issue. The timing of property completions and exchanges is crucial, and any delays can lead to complications and added stress for all parties involved.

Although issues with CHAPS are not uncommon, the global nature of this problem raises concerns about the overall stability of the financial system. As our business presenter Ian King points out, this disruption could cause significant aggravation for those involved in housing transactions today.

If your house purchase has been delayed due to this global payments issue, we would like to hear from you. Share your experience with us and let us know how this delay has impacted you. Together, we can shed light on the challenges faced by individuals and businesses in navigating the complexities of the financial system.