General Information

A CHAPS payment is an electronic bank-to-bank same-day value payment made within the UK in sterling, generally used for high-value interbank transactions..

CHAPS payments are fast, secure and efficient with the money being transferred irrevocably the same day.

CHAPS is one of the largest real-time gross settlement (RTGS) systems in the world. Banks themselves use CHAPS to move money around the financial system, but it is also used regularly:

• 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 car

If an individual is considering whether a CHAPS payment is the right payment to make, they may want to explore the different electronic payment options available to them.  The Payments Council runs a consumer information website which provides details on payment choices under different circumstances. www.payyourway.org.uk