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Add CHAPS to domestic payments automation processes

AccessPay allows you to automate CHAPS payment instructions to your bank, streamlining high value, high priority payments with the rest of your domestic scheme processes all from one place.

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Take control

Accesspay gives you more control over your CHAPS payments by cutting out manual portals and tying them into your existing file uploads, approval workflows and reporting processes.

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Secure processes

Reduce the risk of fraud with a payments management platform that benefits from 2 Factor Authentication, encrypted file uploads, controlled approval workflows and more.

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Increase visibility

Define multiple stages of authorisation and approvals, control user permissions with segregation of duties and increase admin visibility with full audit trails and automated reporting.

Frequently asked questions

What is CHAPS?

CHAPS (Clearing House Automated Payment System) is a UK sterling same-day scheme that is used to settle high-value, wholesale payments; as well as time-critical, lower-value payments. Responsibility for the CHAPS system transferred to the Bank of England in November 2017.

Who uses CHAPS?

Direct participants in CHAPS include traditional high-street banks, as well as a number of international banks. Many more financial institutions access the scheme indirectly and make their payments via direct participants.

When is CHAPS used?

CHAPS payments have several main uses:

  • Financial institutions and some large, enterprise businesses use CHAPS to settle money market and FX transactions
  • Corporates use CHAPS for high value or time-sensitive payments – i.e. supplier payments or for payment of taxes
  • Solicitors often use CHAPS to complete housing and other property transactions
  • Individuals may use CHAPS to buy high-value items – i.e. buy a car or pay a deposit for a house

How does CHAPS work?

Payment obligations between direct participants are settled individually on a gross basis in RTGS on the same day that they are submitted. Transfer of funds is also irrevocable between direct participants. The CHAPS system is open from 6am – 6pm each working day. Participants must be open to receive by 8am and must send by 10am, customer payments must be submitted by 5.40pm.

What are the benefits of CHAPS payments?

  • Direct access to CHAPS supports secure and efficient provision of high value, same day payments from payment service providers to their customers. There is no minimum or maximum payment limit.
  • High level of operational resilience based on the Bank’s real-time gross settlement infrastructure and the SWIFT messaging network.
  • Settlement risk is eliminated between CHAPS direct participants, at the cost of an increased need for liquidity, making this model best suited to a high-value payment system with the largest potential systemic risk.

Why AccessPay?

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Improve your bottom line

Remove complex payment processes through automation to reduce cost and increase your overall profitability.

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Reduce risk

Minimise risk of error with AccessPay’s secure approach to payment processing. Benefit from 2 factor authentication, encrypted file uploads and secure approval workflows.

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Seamless integration

Secure FTP and API integration links with back-office ERP or TMS systems and accepts any input file format, before automatically transforming and validating them.

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Add value

Improve your customer proposition with a payments management platform that gives you the ability to run same day, high value CHAPS payments quickly and with less cost incurred.

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Customisable workflows

Overhead reducing workflows put you in control . Manage approval levels, user access, bank accounts, adding new details or creating different departments in just a few clicks.

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Automate repeat tasks

Automate your entire file submission process with pre-approved files and automatically download all submission and input reports.

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One platform for ultimate visibility and control

The use of disparate systems and applications across the finance and treasury function can create unnecessary complexity, risk and inefficiency. By connecting these systems, The AccessPay platform empowers finance and treasury professionals to achieve their goals.

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