CHAPS
CHAPS (Clearing House Automated Payment System) is used for high-value, time-critical sterling transfers within the United Kingdom. It provides guaranteed same-day settlement for payments submitted before the bank's daily cut-off time. All transfers must be in GBP.
For NetSuite users, the Entity Bank Details bundle is required to process UK CHAPS payments through the plugin.
Key Terms
Include any terms that need to be defined to complete the setup.
Term | Definition |
|---|---|
Sort Code | This is a 6-digit numeric code used as a unique identifier for financial institutions. This code is used for banks within the United Kingdom and Ireland |
Account number | This is an 8-digit identifier for the specific bank account. |
Vendor and Bill Requirements
To prevent payment delays or returns, all payments are required to have the following three requirements:
Vendor Record
Legal Name: The Entity's full legal name must be accurately populated on the Vendor record to match bank records. For CHAPS, names can be up to 140 characters.
Mandatory Address: A physical address is required and must include at a minimum the Town Name and Country Code.
Billing Address and Location
Geographic Consistency: The Entity’s Billing Address must be located in the country of destination and must match the country specified in the Entity Bank Details record.
UK CHAPS Routing: For domestic UK payments, the beneficiary account must be addressed using the bank Sort Code(6 digits) and the domestic account number (8 digits).
14-Digit Format: You have the option to provide a complete 14-digit identifier (6-digit sort code + 8-digit account number) in the account identification field to ensure precise routing.
Currency Type
For domestic CHAPS payments, the currency must be Sterling (GBP). International payments are initiated for any other currency.
Payment Requirements
Payment Context
- Country Code: GB
- Method: Domestic
- Country: United Kingdom
- Currency: GBP
Requirement Information
Provide a Sort Code
Provide a domestic Account Number
Provide a Beneficiary Address that must include at a minimum the Town Name and Country Code