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. Payments via CHAPS are processed using a sort code and an 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.
Europe, Middle East and Caribbean countries have adopted the use of International Bank Account Number (IBAN) for international funds transfers. Remember to use IBAN if you are doing fund transfers to countries in these regions.