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Bank of China joins Chaps as direct participant.

Global Banking News-May 16, 2017--Bank of China joins Chaps as direct participant

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Global Banking News - 16 May 2017

Bank of China Limited (BOC) (601398.SS) (HKG: 3988) (OTC: BACHF.PK) (OTC: BACHY), has joined CHAPS Clearing Company Limited, the UK's same day high-value payment system, as a shareholder and direct participant with immediate effect, according to a report by

The move takes the total number of CHAPS direct participants to 25, with several other major institutions planning to be part of it before the end of 2018. A global bank in China, Bank of China Limited has been serving the financial needs of its clients in the UK for nearly 90 years with a complete range of financial services.

Sun Yu, general manager, Bank of China Limited, London branch, said: 'We are delighted that we are now a shareholder and the first Asian-headquartered Direct Participant in CHAPS. After joining CHAPS, we have completed another vital step towards the internationalisation of our direct clearing network, now covering the world's major currencies. Our customers will benefit from the more efficient, secure and flexible payment and settlement services provided by Bank of China Limited.'

An RTGS system, CHAPS is claimed to offer efficient, risk-free and irrevocable same day payments to meet the RTGS payment requirements of its direct participants.

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Publication:Global Banking News (GBN)
Geographic Code:4EUUK
Date:May 16, 2017
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