CHAPS Payment Scheme

CHAPS is a same-day system for payments made within the UK in sterling.

Clearing House Automated Payment System (CHAPS) payments are electronic bank-to-bank same-day payments, and sent as SWIFT messages.

Processing CHAPS Payments

Payments via CHAPS are processed on sort code and account number.

Payments that are sent on a business day will be credited to the customer’s account on the same day. The business day is defined as being from 06.00 to 16.20, Monday to Friday excluding UK Bank Holidays.

CHAPS was first established in London in 1984. It is currently used by 19 settlement banks (including the Bank of England) and over 400 submember institutions.

CHAPS represents 0.5% of total clearing volumes but 92.3% of total clearing sterling values.#