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. Throughout the Covid pandemic, we have continued to play our role in serving the UK economy. Our focus has remained on ensuring that we were able to continue to provide the live RTGS and CHAPS services to a high standard. We regularly review our priorities and, where appropriate, phasing of certain activities. In addition to continuing to chair the RTGS/CHAPS Board, which provides strategic leadership for the live operation of the Bank’s RTGS and CHAPS services, I now chair a new Renewal Executive Board, a senior-level group responsible for overseeing delivery, overall scope and financial management of the RTGS Renewal Programme (within an overall budget determined by the governing body of the Bank).

Complete the internal and external preparation work for the renewed RTGS service including the new ISO 20022 messaging standard. Following a review of the RTGS Renewal governance structure, the previous RTGS Renewal Committee was replaced by a new senior Renewal Executive Board in June 2022. It is a committee of the Bank responsible for overseeing the delivery and taking decisions on the overall scope and financial management (within an overall budget determined by Court) of the RTGS Renewal Programme. The Houghton Country store also brings you stylish accessories for dogs, as well as all the treats and toys you need to keep them happy and healthy. What’s more, we have everything you need to create a country-style home in our charming home and gifts department. CHAPS values reverted towards 2019 levels in 2021. Value decline in 2021 was in both corporate (and other non-interbank) and in wholesale financial use, particularly in money markets.

The Bank plans to start recovering Programme costs around the time of the cut-over to a new core settlement engine for the renewed RTGS service, which is planned for Spring 2024. 2.2: Strategy setting Those Direct Participants who opted to receive daily statements as camt.053 from the new RTGS core settlement engine implementation (previously called Transition State 3, in summer 2023), will now migrate in summer 2024 in line with the updated (February 2023) timetable. We prioritise safe and resilient and well run as these are preconditions for the remaining themes of responsive and renewed. Looking ahead, we have decided to consider our future strategy for the period spanning March 2022 to 2024, rather than annually as had been the case previously. The purpose of this change in approach is to take us up to when the new core settlement engine for RTGS is introduced in Spring 2024, and to support consistency with the wider Bank’s approach to considering strategy over multiple periods.

The Bank is currently undertaking a major programme to renew the RTGS serviceincluding having adopted the ISO 20022 messaging standard for CHAPS from 19 June 2023; and a new core settlement engine in summer 2024.Each change requires technical preparation, including change freezes to the current RTGS infrastructure to safely deliver the necessary changes. Direct Participants that opted to migrate to these messages to ISO 20022 when CHAPS transitions from MT to ISO saw these messages migrate on 19 June 2023. In 2018/19 our focus was on ‘ integration’ following the transfer of responsibilities for CHAPS to the Bank in November 2017.The renewed RTGS service will be built to support a substantial increase in the number of CHAPS direct participants – with a simpler and more proportionate joining process than now. For example, testing will be streamlined for new joiners as well as existing CHAPS direct participants. 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.