2 min read
Definition
CHAPS is the UK system for same-day, high-value or time-critical payments, with no upper limit but a per-transfer fee. It is used for large, urgent transactions — property completions, large supplier settlements — where certainty of same-day arrival matters.
In plain terms
When a big payment must land today and be beyond doubt, CHAPS is the reliable route, at a cost. Businesses use it for the occasional large or critical transfer rather than everyday payments.
Why it matters
CHAPS is the tool for large, must-arrive-today payments. See same-day payment and Faster Payments.
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