Societe Generale joins CHAPS Co

French bank Societe Generale has become a shareholder and Direct Participant in CHAPS Co, the UK’s same day, high value payment system. This brings the total number of CHAPS Direct Participants to 23, with further banks expected to join during 2016. The CHAPS Clearing Company processes an average of £277 million daily, on behalf of more than 5,000 institutions and individuals. This represents 92 per cent of total sterling payment values (excluding internalised flows within Payment Service Providers).