CHAPS - PAYMENTS AND RECEIPTS
OPG provide a facility to make a same-day electronic transfer of cleared funds from an OPG customer account to any commercial bank account across the UK. This service is particularly useful for urgent high value transactions. Facilities also exist to receive CHAPS receipts into OPG customer accounts.
The key service features are:
- The facility is simple to use once set up. OPG currently provide this service using the NatWest Bank (now part of the RBS Group) for both CHAPS Payments and Receipts.
- Customers do not need to hold additional accounts with commercial banks.
- Security and value for money with competitively priced transactions.
- Customers choose to transmit instructions electronically using Masterline for fast track processing (to pre-designated payee accounts only) or fax for manual processing. Additional security checks apply to all faxed instructions.
- OPG guarantees that properly completed requests for CHAPS payments received by 12.30pm (by 1pm for Masterline) will be processed the same day. OPG will use all reasonable endeavours to action payment instructions received after this time, advising customers of any item received after the guaranteed cut-off time that cannot be processed that day.
- CHAPS receipts received from paying banks by 3.30pm will be credited to the customers OPG account the same day.
CHAPS Payments:
CHAPS payments can be made for any amount, payable to any bank in the UK, and to most types of account. OPG requires customers to draw up a panel of authorised signatories for CHAPS payments together with designated contact points for queries. For minimum intervention, increased security and speed of transaction OPG also provide template facilities (the holding of pre-designated account details). If the destination details of regular payments are known OPG can be informed of them when the facility is first set up, or they can be updated at any time.
Provision exists for emergency (high volume) CHAPS Payments where customers have inadvertently missed their payroll or other BACS payment deadline (within limits). One working days notice is required for bulk payments and the service is provided on a "first come-first serve basis" and must be agreed with OPG before any instructions are sent. Customers will be expected to fax the majority of the items by 3pm on the day notice is given (the maximum number of bulk payments OPG can cope with will be agreed at the time).
CHAPS Payments via Masterline:
Masterline customers are able to send their regular CHAPS payment requests authorised by two "electronic" signatories. The guaranteed same-day processing deadline moves to 1pm for payments to pre-designated accounts sent though Masterline.
CHAPS Receipts:
Cleared funds received from commercial banks via CHAPS through NatWest Bank are applied to OPG customer accounts the same day provided the funds are received by 3.30pm. Credits must quote OPG Sort Code 16-53-60 and the receiving OPG account number to identify the account to be credited. CHAPS receipts can be viewed on Masterline the next morning and are also shown individually on posted daily statements.
