CHAPS forecasts resilient volume growth
October 11, 2017

The long-term volume growth forecasts for CHAPS demonstrate resilient demand for the UK's same day high-value payment method despite wider medium-term economic uncertainty, according to a new report published today (October 11) by CHAPS Co.

The CHAPS Market Forecasts 2017 predicts that following a period of adjustment post-Brexit, CHAPS volumes will recover in line with the UK and global economy, and with international trade. By the end of CHAPS Co's ten-year horizon, CHAPS volumes are expected to increase steadily, reaching 43.5 million payments in 2026, partly through more focused and specialized CHAPS use.

CHAPS says this resilience is expected partly as a result of the Bank of England's blueprint for a renewed Real-Time Gross Settlement (RTGS) service for the UK. As part of the RTGS blueprint proposals, the number and range of banks and non-banks able to hold settlement accounts and access CHAPS/High Value Payment System (HVPS) directly is planned to grow. The expected increase in direct participation will externalize CHAPS payment traffic, partially contributing to the forecast growth in CHAPS volumes in the long-term. 

Furthermore, growth in international payments in the new digital economy is expected to counterbalance Brexit effects on CHAPS volumes and migration to alternative payment methods, particularly in corporate treasury and wholesale financial payments.





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The long-term volume growth forecasts for CHAPS demonstrate resilient demand for the UK's same day high-value payment method despite wider medium-term economic uncertainty, according to a new report published today (October 11) by CHAPS Co.

The CHAPS Market Forecasts 2017 predicts that following a period of adjustment post-Brexit, CHAPS volumes will recover in line with the UK and global economy, and with international trade. By the end of CHAPS Co's ten-year horizon, CHAPS volumes are expected to increase steadily, reaching 43.5 million payments in 2026, partly through more focused and specialized CHAPS use.

CHAPS says this resilience is expected partly as a result of the Bank of England's blueprint for a renewed Real-Time Gross Settlement (RTGS) service for the UK. As part of the RTGS blueprint proposals, the number and range of banks and non-banks able to hold settlement accounts and access CHAPS/High Value Payment System (HVPS) directly is planned to grow. The expected increase in direct participation will externalize CHAPS payment traffic, partially contributing to the forecast growth in CHAPS volumes in the long-term. 

Furthermore, growth in international payments in the new digital economy is expected to counterbalance Brexit effects on CHAPS volumes and migration to alternative payment methods, particularly in corporate treasury and wholesale financial payments.



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