CHAPS is the UK's real-time gross settlement system for high-value GBP payments. It runs from 06:00 to 18:00 London time. But each bank applies its own customer cut-off, several hours earlier than the network closes.
The CHAPS network itself closes for new payment instructions at 17:40 London time. Settlement processes until 18:00. After 18:00, no further CHAPS payments settle that day; they roll to the next business day.
Bank customer cut-offs are stricter. Typical retail bank cut-offs in 2026: HSBC UK 16:00, Barclays 16:30, Lloyds 16:00, NatWest 16:30, Santander 15:30, Nationwide 14:30. Corporate banking customers usually get later cut-offs (16:45-17:00).
For payments instructed online after the bank's cut-off, the wire is queued and sent at the next business day's opening. The value date in field 32A will reflect the next business day.
Cross-border inbound GBP via SWIFT: when an MT103 in GBP arrives at a UK correspondent, the correspondent uses CHAPS to deliver to the beneficiary bank. Same cut-offs apply — inbound after 16:00 typically credits next day.
CHAPS does not operate weekends or English/Welsh bank holidays. (Scottish-only holidays do not stop CHAPS.) For urgent weekend/holiday GBP, banks must use Faster Payments (per-payment limit 1M GBP in 2026).
For tracking via Ohmyfin, the GPI status flips to ACSC once the UK beneficiary bank credits the account — which on a busy CHAPS day can be 30-90 minutes after the SWIFT MT103 arrives at the UK correspondent.
Your MT103 arrives at the UK correspondent in the middle of the UK night. CHAPS opens at 06:00 GMT and your payment settles that morning.
The Bank of England renewed CHAPS infrastructure in 2024 with a new RTGS platform on ISO 20022. CHAPS itself continues.
CHAPS is a domestic system. Inbound cross-border GBP flows over SWIFT GPI to the UK correspondent, then CHAPS for the UK leg. GPI status at the UK correspondent reflects the CHAPS hand-off.
Faster Payments handles smaller GBP (≤1M per transaction in 2026) and is instant 24/7. Cross-border GBP via SWIFT does not use Faster Payments.