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Q:

What is a CHAPS payment?

A:

CHAPS stands for Clearing House Automated Payments System.

This is a system for guaranteed same day UK payments to be transferred electronically from one bank account to another.

CHAPS is a suitable payment method for payments of any amount, particularly amounts over £250,000 where a faster payment cannot be used. It is also suitable, when you need to include an extended reference of more than 18 characters.

They can be used to make or settle urgent sterling payments to UK sort codes that can accept CHAPS payments.

CHAPS payments are only made Monday to Friday excluding bank holidays and usually have a cut off time of 5.30pm providing you have sufficient funds in your account to make the payment.

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