PPS Banks - Key Points

Key points for banks operating or applying to operate the Protected Payments System (PPS)

  • LCH.Clearnet has two PPS infrastructures:
    •  UK PPS which operates up to 15:59 London time
    • US PPS which operates from 11:00 – 17:00 EST
  • The PPS infrastructure interfaces with Swift to send and receive instructions.
  • UK PPS banks must operate on all days which LCH.Clearnet is open, including UK and international currency holidays.
  • US PPS banks must operate on all days which LCH.Clearnet is open with the exception of USD holidays whereupon US PPS is closed.
  • PPS banks must have agreed contingency processes to guarantee the generation and receipt of instructions.
  • PPS banks are required to participate in due diligence reviews on an annual basis.


A PPS Onboarding Guide can be found within the downloads section to the right of this page
 

For further information, please contact:

Nick McMillan
Tel:      +44 207 426 7283
Email:  nick.mcmillan@lchclearnet.com

Laurence Jones
Tel:     +44 20 3197 4685
Email:  laurence.jones@lchclearnet.com
 

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