Bank of England aims to cut op risk exposure to payment systems

Moves to overhaul Chaps will cut risk for central bank as well as members, says Chris Salmon, chief cashier at the Bank of England


The Bank of England is trying to encourage more banks to join the UK's interbank payment system, but other reforms are about protecting the central bank as well as the banking industry's stability.

In a speech last month, chief cashier Chris Salmon outlined the case for more widespread membership of the clearing house automated payment system (Chaps), which handles high-value sterling payments among its 18 members. More direct membership would reduce the interbank credit risk associated with the

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