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Product Information

Our self‐assessment is based on the principles relevant to the Bank’s RTGS and CHAPS services. Some principles are relevant only to characteristics associated with specific types of Financial Market Infrastructures, and hence did not apply to one or both of the RTGS and CHAPS services.

There is a Bank-wide risk management framework, complemented by a local framework specific to RTGS and CHAPS. In line with the governance arrangements outlined above, the RTGS/CHAPS Board has delegated the setting (and monitoring) of the RTGS and CHAPS risk management framework and risk profiles to the RTGS/CHAPS Board Risk Committee. This Risk Committee is also responsible for monitoring the RTGS and CHAPS risk tolerances – consistent with the overall Bank risk tolerance. It provides assurance to the Board that the Bank is fulfilling its risk management responsibilities as the operator of the RTGS and CHAPS systems. It also plays a key role in providing strategic steer and challenge on the risk framework’s design and implementation. The 2021/22 ISAE 3402 audit, completed by an external firm, concluded that the control environment had been designed and was operating so as to provide assurance that the Bank’s control objectives for RTGS were achieved. This conclusion was in line with previous years’ reports. There were a small number of minor exceptions, none of which the external reviewer considered to have material impact. We share the ISAE 3402 report with users for RTGS. This horizon scanning process is informed by consultation with internal and external experts across a range of topics reflecting the importance of understanding external views on RTGS and CHAPS to inform our strategy and supporting activities. Where an error or ambiguity is evident and making an update to the documentation will provide a clear and significant benefit to users of the messages and/or the Bank; In developing our strategy, the RTGS/CHAPS Board considers and agrees the strategic outcomes for the year ahead. These target outcomes are informed by consideration of relevant external developments through a structured horizon scanning and emerging risk process.

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Given the changes underway, the number of slots available to join CHAPS has reduced during the transition period to the renewed RTGS service. The final slots ahead of the introduction of a new core settlement engine for RTGS in summer 2024 have been allocated. The next available joining date for CHAPS is unlikely to be until the second half of 2024. In the meantime, we continue to welcome expressions of interest for direct access to CHAPS from eligible organisations who want to understand the relevant rules and future technical requirements with a view to being ready to join from 2024 onwards. Settlement and Reserves Account Holders will also migrate to receive daily statements as camt.053 from summer 2024 when the new RTGS core settlement engine goes live. Direct Participants completed Participant Testing in October 2022 ahead of the planned migration to ISO 20022 messaging in June 2023. The Bank issued a minimum set of test cases for each Direct Participant to complete (Participant Acceptance Testing), alongside their own testing plans using either a test simulator or a ‘buddy’ bank. Once Direct Participants successfully completed this testing, a more structured test phase (‘Group Testing’) allows DPs to test multi-laterally with each other, including contingency and volume test scenarios. An additional test window at the end of Group Testing has been planned for any post regression test fixes that may be applied as a result of ECB go live. Since summer 2022, we have been providing a Pilot platform for CHAPS Direct Participants, to support extended testing of enhanced ISO 20022 messages prior to live implementation.

Safe and resilient: we have improved our operational resilience and risk management frameworks, with a new operational resilience framework adopted in April 2022. We have supported industry work to codify a framework setting out how different industry groups interact during operational incidents and we continue to play an active role in enhancing preparation for incidents. In the UK's decidedly damp climate, some form of waterproof trouser is an absolute must, whether you’re an ardent hiker, dedicated dog walker, all-weather farmer or busy labourer. Whatever the occasion, these overtrousers and waterproof pants will channel rain away from your body, keeping you dry in a downpour and providing reliable wind protection, too. As part of the framework redesign, a risk tolerance statement has been created specifically for RTGS and CHAPS. This statement outlines at a high level the amount and nature of risk that RTGS/CHAPS Board is willing to tolerate in delivering RTGS and CHAPS.See off any country showers with a pair of robust waterproof trousers. Designed to be worn independently or over your normal trousers, they provide extensive coverage against even the heaviest of British downpours - keeping you dry and comfortable throughout. From November 2025, we intend to implement a programme of regular upgrades to the CHAPS enhanced messaging schemas. We will support this approach by introducing a new Change Management Framework for CHAPS ISO 20022 messages. This will provide a transparent and inclusive approach to updating ISO 20022 CHAPS messages. The approach will allow us to update in line with the latest versions of ISO 20022, in coordination with other domestic and global market infrastructures. It will also facilitate the implementation of policy changes such as purpose code revisions and allow CHAPS Direct Participants to propose and agree changes. In July 2022, the Bank published Additional Guidance on mandating ISO 20022 enhanced data in CHAPS, providing further detail around scope, data quality and our approach to compliance. The Bank does not intend to publish further policy papers on the implementation of enhanced data within CHAPS in the near term, as we recognise the need for industry to have certainty over the future direction of policy. In the event of major developments impacting the implementation of enhanced ISO 20022 data in CHAPS, the Bank will consider whether there is a net benefit to industry of updating its approach and will use existing forums to communicate to relevant stakeholders. The Renewal Executive Board will take the final go-live decisions for the various implementation stages of the renewed RTGS system. If your organisation currently receives a daily statement directly from RTGS, you will need to update your internal systems to be able to accept the new camt.053 message before summer 2024.