The Bank of England has launched an investigation into how one of the central pillars of the UK’s payments infrastructure collapsed for 10 hours, delaying hundreds of billions worth of deals. BoE governor Mark Carney pledged to discover what had gone wrong and whether officials had responded properly after the enforced closure of the £277bn-a-day Clearing House Automated Payments System (CHAPS), which affected thousands of house purchases and major interbank money transfers. The system was kept open four hours after its usual closing time on Monday evening to deal with a backlog of transactions - including the purchase of 2,450 homes - following what is believed to be the biggest shutdown in its 30-year history. At 6am, part of the Bank’s overarching Real Time Gross Settlement payment system, which processes transactions between banks, had been taken offline, leading in turn to the failure of the CHAPS, responsible for high-value payments and housing deals.
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