CHAPS payments are fast, secure and efficient with the funds being transferred irrevocably the same day.
CHAPS is one of the largest Real-Time Gross Settlement (RTGS) systems in the world and is used by banks, building societies and other payment service providers to pay each other. However, it is most generally known within the UK as the payment method for house purchases, although this represents only a fraction of 1% of the daily value processed
The main uses of CHAPS include:
- For delivery of domestic and international wholesale payments i.e. Money Market / Foreign Exchange (FX) transactions.
- For business-to-business payments.
- By solicitors / licensed conveyancers to transfer the purchase price of a house between the bank accounts of those involved.
- By individuals buying or selling a high-value item, such as a house or car.