Bank of England consults on RTGS and CHAPS extension with Sunday and bank holiday settlement from 2029 and 22x6 operation from 2031

The Bank of England has published a consultation on the next phases of extending RTGS and CHAPS settlement hours toward near 24x7 operation. Building on the already confirmed move to open CHAPS at 01:30 on weekdays from September 2027, its preferred sequence is to add a weekend settlement day, most likely Sunday, alongside certain UK bank holidays no earlier than 2029, and then lengthen settlement days no earlier than 2031. No decision has been taken and the Bank is seeking evidence on use cases, costs, operational constraints and sequencing. Under the preferred approach, Sunday and bank holiday RTGS and CHAPS settlement would likely run from 01:30 to 18:00, excluding Christmas Day, New Year’s Day and Easter Sunday. The bank holiday scope proposed now includes Good Friday, Easter Monday, the two May bank holidays, the August bank holiday, Boxing Day and ad hoc bank holidays. A subsequent extension would take the system to 22x6, with CHAPS settlement for 22 hours a day from Sunday to Friday and Saturday liquidity transfers between participants’ own RT2 accounts. The consultation links longer hours to support for synchronisation, stablecoins and other always-on payment and digital asset use cases, wider overlap with other RTGS systems for cross-border payments, and more frequent settlement cycles that could reduce risk and prefunding costs. For a 22-hour day, the Bank’s emerging preference is to change value date at 18:00 and reopen at 20:00, while it also seeks views on liquidity provision, participant optionality, staffing and change windows. The paper also asks whether the long-term end-state should be 22x7 or 23.5x7, and notes that CHAPS and other RTGS services could ultimately have different operating models if some use cases do not require CHAPS settlement. Responses are due by 10 August 2026 and will inform the Bank’s roadmap, implementation pace and final design choices.