Printer Friendly

Bank of China joins Chaps as direct participant.

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

(C)2017 ENPublishing - http://www.enpublishing.co.uk

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 finextra.com.

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.

[Editorial queries for this story should be sent to gbn@enpublishing.co.uk]

((Distributed via M2 Communications - http://www.m2.com))

COPYRIGHT 2017 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2017 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Global Banking News (GBN)
Geographic Code:4EUUK
Date:May 16, 2017
Words:247
Previous Article:American International names president and chief executive officer.
Next Article:Inova's insurance JV to exit Virginia.
Topics:

Terms of use | Privacy policy | Copyright © 2020 Farlex, Inc. | Feedback | For webmasters