meta_id 3162393

On May 18, 2026, the Bank of England published a consultation paper outlining its proposed direction for extending Real-Time Gross Settlement (RTGS) and CHAPS (the UK's high-value payment system) settlement hours toward near 24x7 operation. The consultation builds on the Bank's already-announced early morning extension, which will see CHAPS open at 01:30 instead of 06:00 from September 2027. The Bank proposes a phased approach to extended settlement hours, identifying two near-term extension options: introducing weekend and bank holiday settlement, most likely on Sundays alongside certain UK bank holidays, not before 2029; and lengthening the settlement window on existing weekdays, not before 2031. The Bank's preferred sequencing prioritises weekend and bank holiday settlement first, followed by extending weekday hours to 22x6 operation (22 hours per day, Sunday to Friday). For the longer term, the Bank seeks views on whether the target end-state should be 22x7 (extended hours every day with longer daily closures) or 23.5x7 (near-continuous settlement with minimal daily closure). The Bank identifies three key drivers for extended settlement hours: enabling innovation in payments and digital assets such as stablecoins and synchronisation services; enhancing cross-border payments by expanding overlap with other RTGS systems globally; and improving liquidity efficiency and reducing settlement risk through more frequent net settlement cycles. The consultation addresses significant implementation considerations, including business day and value date transitions, liquidity provision requirements, change management windows, staffing implications, and participation optionality for financial institutions. The Bank seeks feedback on identified risks, including operational resilience challenges, impacts on change management and staffing, liquidity management implications, and potential effects on financial stability and crisis resolution capabilities. The consultation also explores whether different end-states should apply to CHAPS settlement versus other RTGS services. Responses to the consultation must be submitted by August 10, 2026, through the Bank's online survey portal. Respondents should indicate whether proposals may impact persons with protected characteristics under the Equality Act 2010. The Bank will use consultation feedback to develop a detailed implementation roadmap and inform decisions on sequencing, timelines, and the appropriate long-term extension target.