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SUMMARY:Consultation evidence session: Bank of England’s consultation on extending RTGS and CHAPS settlement hours – next steps towards near 24x7 settlement
DESCRIPTION:Event overview   \n\nDate: Thursday 2nd July 2026  \n\n\nTime: 11:00 – 12:00  \n\n\nLocation: Online (Zoom – joining details will be shared with registered attendees)  \n\nThis consultation from the Bank of England (BoE) sets out their 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 see CHAPS open at 01:30 (instead of 06:00) from September 2027.   \nBoE sees extending settlement hours as an important part of delivering a safe and resilient multi-money ecosystem in which different forms of money – including central bank money\, commercial bank money\, tokenised deposits and stablecoins – can coexist and interoperate across both conventional and distributed ledger infrastructure.   \nIn that future landscape\, central bank money remains the ultimate risk-free settlement asset and an essential anchor for the singleness of money. The extension of settlement hours creates significant change and could drive benefits for both users of financial services and financial institutions by:  \n\nimproving synchronisation; \n\n\nmaking cross-border payments more efficient by expanding the overlap with other RTGS systems\, thereby extending the global settlement window; and \n\n\nimproving liquidity efficiency. \n\nThis would require resolving a set of important design and implementation questions as well as finding mitigants for identified risks that this paper outlines.  \nThe consultation paper is intended to provide a clear direction of travel and further develop the case for change. BoE are seeking input on the use cases and benefits that matter most\, the practical constraints of delivering them\, and the sequencing and timelines that would maximise net benefits while maintaining safe and resilient settlement.  \nWhile no decision on the next steps has been taken\, the next phase of extension could follow two approaches:  \n\nan additional settlement day at the weekend – most likely on Sundays – alongside settlement on certain UK bank holidays; and \n\n\nlengthening the settlement window on existing settlement days. \n\nBoE set out the benefits and challenges of each approach and is interested in understanding respondents’ views.  \nThis consultation closes on 10th August 2026.   \n  \nWhy attend  \nThis 60-minute online session for members of The Payments Association will provide a collaborative space to share views\, test ideas\, and contribute directly to the drafting of our formal response to the consultation.    \nThis is a practical\, discussion-led workshop designed to gather real member insight rather than presentations or briefings. We would appreciate as many members attending as possible to ensure our response is comprehensive and representative of the views of our membership. 
URL:https://thepaymentsassociation.org/event/consultation-evidence-session-bank-of-englands-consultation-on-extending-rtgs-and-chaps-settlement-hours-next-steps-towards-near-24x7-settlement/
CATEGORIES:Policy/Stakeholder Engagement Events
ATTACH;FMTTYPE=image/png:https://thepaymentsassociation.org/wp-content/uploads/2026/06/Consultation-evidence-session-Bank-of-Englands-consultation-on-extending-RTGS-and-CHAPS-settlement-hours-–-next-steps-towards-near-24x7-settlement.png
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