On 3 October 2024, the Bank of England (BoE) published its response to its earlier discussion paper on exploring longer operating hours for RTGS and CHAPS. The response summarises the feedback it received on the discussion paper and updates on the BoE’s current analysis and vision for the path ahead.
Path ahead
The key message in the response is that the BoE confirms that it is minded to extend RTGS and CHAPS settlement hours.
It intends to adopt a phased implementation approach, starting with opening earlier at 1:30am, no earlier than 2027, and aims to achieve near 24×7 around the turn of the decade.
In 2025 the BoE will issue a consultation paper setting out a full proposal including details of the end-state, implementation path and individual stages alongside the assumed operating and service model. In late 2025/early 2026 the BoE will publish a final decision on future RTGS and CHAPS settlement hours and set out a plan for the path forward to get there.