What is CHAPS? How big UK payments are made the same day
By SendPay Business · · 2 min read
- 1Add your photo ID
- 2Add proof of address
- 3Checked and verified
CHAPS is the UK system for same-day, high-value payments, run by the Bank of England. It's what solicitors typically use to send the money when someone buys a house, and what businesses use for large, time-critical payments.
How it works
Each CHAPS payment is settled on its own, in real time, between the banks' accounts at the Bank of England, rather than in a batch. Once made, it can't normally be reversed, which is why it's trusted for large sums.
When to use it
- Buying a property or paying a deposit on completion day.
- Paying a large invoice that must arrive the same day.
- Moving sums above your bank's Faster Payments limit.
Try it
Name your platform and watch it come to life
Type a name, tap a colour and pick what it does. The phone changes as you go.
Colour
What it does
Design and preview your whole platform free, then launch when you are ready.
Cost and timing
Banks usually charge a fee for sending a CHAPS payment, and it must be sent before the bank's same-day cut-off time on a working day. Check both with your bank before relying on it.
Where SendPay fits
SendPay platforms include accounts and send features under your own brand, powered by licensed partners. SendPay tells you in writing which licences apply to your platform before you launch.
How it works
Your own money app- 1Name it and pick your colours
- 2Choose what it does
- 3Launch when you are ready
Why sign up
Create your free SendPay account
It's all about creating your own financial platform with ease. Start with a free account today.
- 🪪A free business accountOpen it in about a minute with your business name, email, password and mobile. No card and no documents to start.
- 💳Get paid from day oneTake card payments, and share your own payment link and invoices so customers pay in a click.
- 🌐A free business websiteFree to build, free to publish and free to keep, with unlimited visits.
- 🚀Your own financial platformDesign and preview your whole platform free, then launch when you are ready.
SendPay Business is a technology company, not a bank. Accounts, cards and payments are powered by licensed partners.
Questions people ask
Read next
Spotted a mistake or something out of date? and we'll fix it. How our guides are made
This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. Other companies named in this guide are reference points only and are not affiliated with SendPay Business.