BNY Mellon is now a direct participant and shareholder in the Clearing House Automated Payment System (CHAPS). CHAPS is a UK payments system that processes and settles both systemically important and time-dependent payments in sterling. As a direct participant, BNY Mellon will use its global payments infrastructure to send and receive sterling payments settled on the same day. One of only six US banks to join the CHAPS board, BNY Mellon brings the payments system’s total membership to 21.
As a direct participant, BNY Mellon hopes to provide additional benefits to clients, notably in the areas of payment solution efficiency and flexibility, reporting and information management. By allowing for same-day settlement and eliminating reliance on correspondent banks, direct participant membership will improve the efficiency of BNY Mellon’s payment services. This is part of BNY Mellon’s continuing rollout of its
new global payments infrastructure
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