Two European Banks Join Chaps As EU Proposes Payments Reforms

REGULATIONS

Deutsche Bank and Crédit Lyonnais last week officially joined Chaps, the U.K. domestic payments clearing system--the second and third foreign banks to do so, according to officials at the Association for Payment Clearing Services (Apacs).

Citibank is the only other non-U.K. bank currently clearing payments directly through Chaps, says an Apacs spokesman. About 50 percent of the traffic through Chaps represents the sterling end of a foreign exchange payment, he says.

The move, which will become

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