A CHAPS (Clearing House Automated Payment System) payment is method of sending GBP within the UK. If you need to pay someone straight away or transfer a large amount of money, CHAPS transfers allow you to make same-day, high-value electronic payments.
Payments
CHAPS
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Become a clientCHAPS is the GBP real-time gross settlement system (RTGS) operated by the Bank of England.
What is a CHAPS payment?
When to use CHAPS
CHAPS are typically used by clients who are making high value, low volume transactions – generally over £500,000. Payments are processed through The Bank of England (BoE).
Features and benefits:
- Limitless: No minimum or maximum limit to the amount of money that can be sent.
- Fast Payments: Same-day payment is guaranteed if the instruction is received before the cut-off time.
- High-Value: Suited to clients looking to make high-value, low-volume transactions such as purchasing expensive equipment.
- Secure Transactions: A reliable system operated by the Bank of England.
- Convenient: Pay immediately or schedule a CHAPS payment for a later date.
- Irrevocable: Once a payment is made, it is considered final and irrevocable – ideal for time-sensitive payments.
- Minimised fraud loss: Confirmation of Payee (CoP) reduces the risk of fraud losses and misdirected payments by allowing payee account name verification.
Already a client?
To find out more, please speak to your Relationship Manager
