Streamlined, secure, and ISO 20022-compliant CHAPS payments
Handle your most critical high-value payments with complete confidence. AccessPay’s CHAPS automation solution delivers rapid same-day settlement, bank-grade security, and real-time visibility. As ISO 20022 migration experts, we’ll help you navigate the transition seamlessly and ensure your CHAPS payment processes remain efficient, accurate, and compliant.
Want to know more about how ISO 20022 will affect CHAPS payments?
Customers automating CHAPS payments
with AccessPay
Faster, safer, smarter
high-value business transfers
Maximise your ROI
Upgrade your payment processes while reducing long-term costs. Automation drives efficiency, cuts errors, and delivers measurable savings across your organisation.
Accelerated payment processing
Process high-value CHAPS payments within minutes. Our system ensures funds are transferred and settled well before the Bank of England’s daily cutoff.
Remove the risk of bank portals
Free your finance team from manual admin tasks and error-prone portals. Let automation handle submissions, validations, and scheduling so your staff can focus on higher-value activities.
Accuracy guaranteed
Eliminate human error from high-value transfers. Automation ensures that every transaction is validated, delivered, and settled exactly as intended.
Full cash flow control
Optimise working capital with precise scheduling. Automate payment timing to send funds at exactly the right moment, improving liquidity management.
Bank-grade security
Protect your payments with multi-layered security. From Account Name Verification to fraud detection, every CHAPS transaction passes through rigorous security protocols.
Automatic audit trails
Stay audit-ready with complete transaction histories. Payment records are automatically generated and stored, helping you meet compliance and reporting requirements effortlessly.
What’s changing with CHAPS payments?
CHAPS (Clearing House Automated Payment System), the UK’s high-value payment infrastructure, is migrating to the ISO 20022 messaging standard. This shift introduces richer datasets, improved transparency, and greater global interoperability.
While the benefits are clear, the migration can be complex – requiring significant operational and technical change. Partnering with an expert like AccessPay ensures:
- Data transformation and enrichment support
- Minimal disruption to business operations
- Full ISO 20022 compliance across payment processes
What changes do I need to make?
1
Phase 1: Initial implementation (Up to April 2025)
ISO 20022 has been live in CHAPS since June 2023. During this phase, banks are gradually rolling out capabilities to their customers.
Global adoption is progressing, with European cross-border payments already utilising the new standard.
2
Phase 2: Monitored compliance until May 2025
Starting May 2025, non-compliance with the new standard will be monitored and followed up. Banks and organisations will be encouraged to transition to the new standard, but payments will not be rejected for non-compliance at this stage.
The Bank of England will closely monitor CHAPS participants’ usage of new data fields.
3
Phase 3: Mandatory transition period begins May 2025 – October 2026
This period overlaps with Phase 2, allowing banks and payment system users time to adapt their systems.
Compliance expectations will gradually increase, supported by ongoing communication and guidance from regulatory bodies and support from third parties like AccessPay.
4
Phase 4: Mandatory transition period begins May 2025 – October 2026
Beginning November 2026, non-compliant payments will be rejected. This applies specifically to unstructured addresses in wholesale payments.
Payments without properly structured data will not pass validation and must be resubmitted with correct formatting.
Find out how the new ISO 20022 standard will affect CHAPS payments.
Get in touch with one of our experts by completing our contact form.
Why choose AccessPay as your ISO 20022 migration partner?
Transparent pricing
Enjoy a fixed annual subscription model with no hidden costs, making budgeting and forecasting simple.
Industry-leading service
Rapid onboarding, 24/7 UK-based support, and a 98% customer satisfaction score demonstrate our commitment to service excellence.
One platform for all payment types
Manage CHAPS alongside other domestic and international payment types on a single platform with one set of payment controls.
How does AccessPay CHAPS automation work?
Increased efficiency & reduced errors
AccessPay integrates directly with your back-office systems, streamlining the entire CHAPS payment process. Key advantages include:
- Straight-through processing with fewer manual interventions
- Automated file creation, validation, and submission
- Reduced payment failures and reconciliation delays
By eliminating manual data entry, automation significantly improves accuracy while freeing up valuable finance team resources.
Robust security and compliance
Automating CHAPS payments strengthens both your security posture and compliance measures. Through AccessPay, organisations can leverage:
- Encryption & masking of sensitive data
- Multi-factor authentication (MFA) & Single Sign-On (SSO)
- Strict segregation of duties & dual approval
- Automated fraud and error checks on payment files
- Native account name verification
By aligning with ISO 20022 and other regulatory standards, AccessPay ensures your payment operations are resilient, compliant, and secure against cyberattacks or financial crime.
Want to see it in action?
Get in touch to speak to one of our experts and find out more.
Our integrations
AccessPay connects your entire finance ecosystem. We are compatible with all major ERPs, payroll systems and any other application you use to generate payment files.
FAQs
How does AccessPay's pricing model work?
We operate on a fixed annual subscription basis, providing transparency and predictability for your payment operation costs.
How quickly can AccessPay be implemented?
Typical implementation takes 8-12 weeks depending on complexity, bank relationships, and specific requirements.
Is AccessPay secure?
Yes, we maintain the highest security standards with encryption, multi-factor authentication, and regular security audits. We’re ISO 27001 certified and comply with banking-grade security requirements.
Ready to take full control of your high-value payments?
Get in touch with one of our experts by completing our contact form.
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