CHAPS Clearing Company Limited processes and settles systemically important and time-dependent payments. Key drivers for the Company are the provision of a robust and resilient infrastructure, innovation through responding to members' and market needs and the ability to do so in an efficient and cost-effective manner.

On 9th February 1984 the CHAPS Sterling system commenced operations. At the end of 1984 the average daily volume and value transmitted was around 7,000 payments with an aggregate value of around £5 billion. Now, 20 years on, comparative numbers are around 130,000 payments with an aggregate value of around £300 billion.

CHAPS continues to be one of the largest real-time gross settlement systems (RTGS) in the world offering Members, and around 400 financial institutions utilising agency arrangementsthrough direct Members, an efficient risk free and reliable same-day payments mechanism for both their Sterling and euro RTGS payment requirements. CHAPS Euro is accepted as an efficient means of accessing RTGS services in Europe and indeed, is the second largest component in the cross border payments element of the European RTGS mechanism — TARGET.

CHAPS is a Member focused Company with strategic direction, leadership and ownership vested in an active Board of Directors. It is the Company's strategy to promote operational efficiency;

• Internally, by (i) removing duplication and, (ii) through outsourcing functions where appropriate, and
• In Members by (i) providing feedback on performance and, (ii) providing operational support in contingency situations.

This and the overall robustness of the system is ensured by the proactive involvement of five standing committees, Operational, Technical, Security, Audit and Legal all reporting in to the Board.