2 min read
Definition
A same-day payment is a bank transfer that reaches the recipient the same working day it is sent, rather than taking several days. In the UK, Faster Payments and CHAPS both settle same-day, letting businesses move cash quickly when timing matters.
In plain terms
When a supplier needs paying today or a customer pays you at the last minute, same-day rails get the money there in time. Knowing which payment method clears when is part of managing cash to the day.
Why it matters
Same-day payments matter most when cash is tight and timing is everything. See Faster Payments and CHAPS.
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