Protected Payments System
LCH.Clearnet Limited operates a direct debit system, known as the Protected Payments System (PPS), for the transfer of funds to and from Clearing members. A Clearing member is required to maintain a PPS bank account (s) in London in GBP and for each currency in which it incurs settlements at one of the participating PPS banks. Different banks can be used for different currencies. Clearing Members are also required to maintain a USD account at one of the specified banks for PPS in the USA. Any bank charges arising from the operation of a PPS account are for the account of the Clearing member. A PPS mandate must be completed, the original of which is held at the PPS bank and a copy lodged with LCH.Clearnet Limited.
Participating PPS banks are as follows:
London
- ABN Amro Bank NV
- Bank of America
- Barclays Bank Plc
- JP Morgan Chase Bank
- Citibank NA
- Deutsche Bank AG
- Lloyds TSB Bank Plc
- Fortis Bank NV/SA
- HSBC Bank Plc
- National Westminster Bank Plc
- The Royal Bank of Scotland Plc
- Skandinaviska Enskilda Banken AB
- Dresdner Bank AG
PPS in the U.S.A.
- Bank of America NA (New York)
- Bank of New York (New York)
- Citibank NA (New York)
- Calyon (New York)
- Dresdner Bank (New York)
- JP Morgan Chase Bank (New York)
- Harris NA (Chicago)
- HSBC Bank USA (New York)
For further information, please contact Siobhan White on +44 (0)20 7426 7044 or siobhan.white@lchclearnet.com.