Bank of England’s real time payment system is down

Satu Insan - Malaysia

The Guardian

The collapse has started or is it the shut down drill ??

Bank of England’s real time payment system is down — business live

Bank of England crash will have ‘cascading effect’ on house movers

The collapse of the Chaps system will have a knock-on effect on people trying to move house today, experts are warning.

Mark Hayward, managing director of the National Association of Estate Agents, fears a ‘cascade effect’, if payments due to be processed today are delayed until Tuesday.

This could mess up hiring a removals firm, or switching telephone, water, electricity and gas supplies.

Hayward explains:

“Whilst Monday is not the busiest day in terms of completions, the failure of the payments system for UK house purchases will have a cascading effect and it is likely any payments will now be held up for a day or more as money takes time to transfer…

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