Faster Payments and CHAPS

If you need to make a same-day payment through your NatWest Business Account, you can use either of the following services:

Faster payments

CHAPS

The Faster Payments service reduces the time between a payment being made and the recipient receiving the funds from three days to near real-time.

It allows you to make same-day transactions all day, every day and is a secure way to transfer money up to £1,000,000.

The Faster Payments service lets you:

• Make electronic sterling payments such as fund transfers, bill payments and standing orders that will reach the destination account in a matter of hours.
• Make same-day payments without using and incurring the cost of CHAPS.
• Make same-day payments through online banking, telephone or in branch.

The Faster Payments service can be used for:

• Single payments – that you want to make immediately.
• Future dated payments – a single payment (including Notice Account withdrawals or transfers between accounts) that you want to pay on a particular date in the future.
• Standing orders – an instruction you give to your Bank or Building Society to make payments on a regular basis to a specified person’s UK bank or building society account.
• Bulk Payments - Allows you to make payments to multiple beneficiaries from a single debit account using Faster Payments via Online Banking and Bankline. 

Transfer money using the Faster Payments service (fees may apply):

• online - using Bankline (up to £1m)
• online - using Online Banking (up to £50,000)
• Mobile Banking (up to £250,000 with biometrics enabled)
• Online Banking (up to £250,000 with biometrics enabled)
• over the phone (up to £10,000)
• in branch (up to £20,000)

You’ll need to provide the:

• correct sort code – the six digit number which identifies the bank or institution at which the payee holds their account
• account number of the payee account
• account name

Unlike BACS, payments to the incorrect destination can’t be recalled. Incorrect sort code and account number details may also result in your payment not being processed.

The receiving bank needs to be a member of the Faster Payments Service. Most major banks are in the scheme. Where a bank is not in the scheme or a payment value exceeds £1,000,000 the payment will either have to be sent via CHAPS, or Bank Giro Credit.

You do not need to do anything to receive Faster Payments into your account.

CHAPS (Clearing House Automated Payment System) is a high value payment system that provides same day, irrevocable transfer of funds between member banks in the CHAPS Scheme. CHAPS payments can only be made on a UK working day.

You can make a transfer via CHAPS where your payment is not eligible for the Faster Payments Service, for example if your payment is more than £1,000,000, or the recipient bank is not a member of the Faster Payments Scheme. 

There is a charge to make a CHAPS payment.  Please contact us or visit us in branch to find out more. 

How to transfer money using CHAPS: 

• Online – if you are a Business Customer using Bankline (Fees may apply) – payment cut off time is 5:30pm.  This is extended to 6:15pm if the beneficiary account is held at another RBS sort code.  
  
• Telephone – if you are a Premier Banking customer you can make a CHAPS payment over the phone if you are enrolled for either Telephone or Online Banking – payment cut off time is 2:00pm.  
• In Branch – you will need to take your debit card and a form of Photographic ID (such as a passport or driving license) – payment cut off time is 2:59pm.
• Fax Instruction – direct to Payments Centre on 0845 300 3390 (within the UK) or + 44 161 755 7272 (from Overseas) – payment cut off time is 3:15pm.

If any of the cut off times are missed, the payment will re-date to the next UK working day.  

When you set up either a new single Faster Payment or single CHAPS payment, or change an existing payment, a CoP check will be made on the beneficiary account name by their bank. Learn more about CoP here.