CHAPS uses the Bank of England’s Real Time Gross Settlement (RTGS) system. The RTGS system enables Direct Participants to transfer funds between their own accounts.
CHAPS is the only UK payment system that guarantees real time finality, on any value, in 'Central bank money' as each payment instruction settles.
Current Account Switch Service provides a robust service that enables customers to switch their current account seamlessly from one bank or building society to another in seven working days.
A comprehensive list of the key frequently asked questions about CHAPS can be found in our statistics section.
An overview of the key terms and phases used in CHAPS can be found in this section.