Bank of England hit by ‘global payment issue’ that could affect house sales

The Bank of England has been hit by a “global payment issue” affecting its CHAPS service.

The Bank’s Chaps payment system processes hundreds of billions of pounds worth of transactions a day, including banks paying one another large sums.

The issue is causing delays to “high-value” and “time-sensitive” payments, including some house purchases, according to Sky News.

The Bank of England said they were aware of the issue and are working with a third-party in an attempt to resolve it.

The bank, speaking to Sky, said: “We are mindful of the impact this is likely to have and are working closely with a third-party supplier, industry and other authorities to resolve the issue as promptly as possible.”

Despite the global payment issue retail payment systems and cash machines have not been affected.

The bank said: “Retail payment systems are unaffected so people and businesses can continue to use cash points, card payments and bank transfers as normal.”

What to do if you have been affected by the CHAPS issue? See here:

The Bank of England said: “If you are concerned about a Chaps payment you plan to make or receive today, please contact your bank or other payment service provider.”

We will bring you updates on this ongoing issue.