CHAPS Clearing Company Ltd, the UK’s same day high value payment system that processes on average £277bn daily, welcomes Societe Generale as a shareholder and Direct Participant in CHAPS with immediate effect. This brings the total number of CHAPS Direct Participants to twenty three, with further banks expected to join during 2016.
Societe Generale is one of the largest financial services groups in Europe and has been serving the needs of its clients in the UK for more than 100 years through a range of businesses: corporate and investment banking to private banking, asset management, and securities services, as well as specialised financial services including vehicle and equipment finance.
Ian Fisher, Group Chief Country Officer, UK of Societe Generale said: “We are delighted that we are now a shareholder and Direct Participant in CHAPS and look forward to working closely with them. This further commitment to the UK business will benefit our clients with the accessibility, flexibility and enhanced security for all their high-value transactions.”
Tim Fitzpatrick, Chief Executive of CHAPS Co said: “We are delighted Societe Generale has joined us as a shareholder and full Direct Participant in CHAPS. “As a major financial market infrastructure, over the last few years CHAPS has worked closely with the Bank of England, through its Tiering Critieria, to reduce the systemic risk posed by having a large number of indirect participants processing high values of payments via a small number of direct members. Societe Generale joining CHAPS continues this strategically important process and supports a critical CHAPS objective to further eliminate and mitigate systemic risks.”
CHAPS performs a fundamental role in the UK economy, settling high-value, time-dependent sterling payments securely in real-time. It represents 92% of total sterling payment values (excluding internalised flows within Payment Service Providers) and settles an average of £270 billion on behalf of more than 5,000 institutions and individuals every day.