Mortgage transactions on hold as Bank of England Chaps system fails today
Currently UK mortgage borrowers are unable to complete on their house purchases as the Bank of England have found a routine maintenance problems that affects CHAPS (Clearing House Automated Payment System) payments.
Managing director of CHAPS, Phil Kenworthy said: “CHAPS is currently unable to process payments. This is due to the Bank of England temporarily pausing the RTGS settlement system to resolve a technical issue. CHAPS is currently liaising with the Bank of England who are working hard to resolve the issue.”
The Bank of England statement said “We are working to address this issue as quickly as possible, and restart the system in a controlled manner.The most important payments are being made manually and we can reassure the public that all payments made today will be processed.”
Some transfers are currently being handled manually.
The Council of Mortgage lenders was as of this morning not yet made aware of issues by its members. but it is lucky that this happened on a Monday as it is the day with traditionally the least number of completions.
If any readers are having issues they are recommended to contact their bank straight away.
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Member Since January 2011 - Comments: 12196 - Articles: 1396
3:14 PM, 20th October 2014, About 11 years ago
Good job this was a Monday and not a Friday!!
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Member Since July 2013 - Comments: 561
5:24 PM, 20th October 2014, About 11 years ago
It was not just luck that is happened on a Monday, upgrades are timed to reduce risk. I expect we will never know what the technical issue was, as the PR people will not allow out information they cannot understand themselves.
Member Since January 2011 - Comments: 12196 - Articles: 1396
5:27 PM, 20th October 2014, About 11 years ago
Reply to the comment left by “Ian Ringrose” at “20/10/2014 – 17:24“:
A Tuesday would have been a better day in that case. There are always late completions on Fridays which means that monies have to be rolled over until Mondays.
There are far less completions during the early part of the week.
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Member Since February 2011 - Comments: 3453 - Articles: 286
11:40 AM, 21st October 2014, About 11 years ago
The Chaps payment system is now working again and according to reports the Bank of England were catching up until 8pm last night.
However there will still probably be knock on delays potentially for the rest of the week, but at least these can now be expected.
Andrew Tyrie the Treasury select committee chairman has apparently written to the Bank of England asking for answers on what went wrong and how they can make sure it does not happen again.
Member Since July 2013 - Comments: 1434
11:41 AM, 21st October 2014, About 11 years ago
Sounds like an inadequately-tested software update