On 18 May 2026, the Bank of England (BoE) published a consultation paper, Extending RTGS and CHAPS settlement hours – next steps towards near 24×7 settlement.

Background

The BoE has publicly stated its ambition to move towards near 24×7 RTGS and CHAPS settlement around the turn of the decade, following a phased approach. Currently CHAPS operates 12 hours from 06:00 – 18:00 (Monday – Friday). In February 2026, the BoE announced that it will open CHAPS settlement at 01:30, instead of 06:00, Monday to Friday from September 2027, subject to final confirmation of the planned timelines with impacted CHAPS direct participants. This means that CHAPS will be open for settlement for 16.5 hours (from 01:30 – 18:00, Monday – Friday). This is an important milestone in the journey to extend settlement hours.

Consultation

In the consultation paper the BoE sets out its proposed direction for moving RTGS and CHAPS (the UK’s high-value payment system) settlement hours toward near 24×7 operation, and the key choices that will shape that journey. Building on the already-announced early morning extension that will operate from September 2027, in the consultation paper the BoE outlines next steps to extend RTGS/CHAPS settlement hours and advance towards its ambition of near 24×7 settlement.

The BoE states that while no decision on the next steps has yet been taken, the next phase of extension could follow two approaches:

  • An additional settlement day at the weekend – most likely on Sundays – alongside settlement on certain UK bank holidays but not before 2029. This would likely take the form of Sunday and bank holiday settlement for RTGS/CHAPS between 01:30 and 18:00 (excluding Christmas Day, New Year’s Day and Easter Sunday).
  • Extending settlement hours every weekday (Monday to Friday) and one full day at the weekend, likely Sunday but not before 2031.

In the longer term, the BoE’s proposed options are:

  • Longer settlement hours every day, with slightly longer daily downtime (22×7).
  • Near-continuous CHAPS settlement with a short daily downtime (23.5×7).

The BoE sets out the benefits and challenges of each approach and is interested to understand respondents’ views.

Next steps

The deadline for responding to the consultation paper is 10 August 2026.