In The Press

Insights Gained from Payment System Failures and Global IT Outages

On Thursday, July 18, the CHAPS system, which UK high-street banks and lenders use to transfer money between institutions, experienced an outage due to a glitch in the global Swift network. CHAPS usually handles about 200,000 payments per day. In February 2021, the Bank of England reported that the average daily value of CHAPS payments was £345 billion.

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