What is BACS, CHAPS & Faster Payments?

These are the UK's three main interbank payment systems. BACS (Bankers' Automated Clearing Services) handles bulk payments like salaries and Direct Debits over a three-working-day cycle. CHAPS provides same-day, high-value sterling transfers (often for property purchases) with no upper limit. Faster Payments enables near-instant electronic transfers up to a per-transaction limit, used for most online and mobile banking payments. Businesses choose based on speed, value and cost.