CHAPS

CHAPS is the UK’s same-day, high-value payment scheme. Each payment settles individually within hours, with no upper limit and no reversal — the rail you use when a large sum has to arrive today and stay arrived.

How it works

• Payments are processed one at a time in real time, not in a batch, on banking business days.
• There’s no maximum transfer value, which is why it carries property purchases and large B2B settlements.
• Once settled, a CHAPS payment is final — the funds are irrevocably transferred.

Against the UK’s other rails: BACS is slow and cheap, Faster Payments is instant but value-capped, and CHAPS is the same-day rail for the big, time-critical amounts.

Why it matters

CHAPS exists for the payments you can’t afford to get wrong — a completion on a house, a large supplier settlement, a deadline with legal weight. The per-payment fee (often £15–£30) is trivial next to the transaction, but the finality is not: send to the wrong account and there’s no automatic route back. Confirming the payee before you release matters most exactly where the sums are largest.

How Fynex does it

Fynex routes large, same-day UK payouts over CHAPS and verifies payee details before release — verify-before-pay — so a high-value, irreversible payment lands where it should. Routine payments take cheaper rails. See Faster Payments vs BACS vs CHAPS.