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