Chaps euro system is to be shut down

Apacs, the UK payment association, scheduled to shut down its Chaps euro clearing service today. The systems started its operation in January 1999and provided a same-day domestic euro service. The association came to this decision after reviewing the UK's position on the euro.

"When Chaps euro was created in 1999, the UK was still contemplating joining the Euro," says Apacs in a statement. "However, over time the UK's stance has become clearer, making the case for continuing to participate in the clearing system considerably weaker."

"Whilst in operation, the Chaps euro service provided the UK with an efficient, safe and reliable method for making euro payments," adds David MacFarlane, Chaps company manager, Apacs. "However, as time has progressed, options have emerged and evolved, and it is vital that the UK adapts with the times if it is to continue to offer payment users the best possible options for making payments."

The preparation for the closure began at the end of 2007 leading to only 940 payments run through the system in the 1Q of 2008 compared to 2019 same time a year ago.