CHAPS payments?

k3nny

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Hi Guys,

Been having a dispute with my work over unpaid wages. They have agreed to make a CHAPS payments before close of business today but i was wondering if there is any way they can claw the payment back if for talking sake an employee phones them up and tells them to 'RAM IT!!!'

Looked online but I am not 100% about this payment method
 
I think its some automated payment system, once sent cant be stopped as far as im aware. similar to bacs.

CHAPS
CHAPS is an electronic bank-to-bank same-day value payment made within the UK in either sterling or euro.

The main benefit of CHAPS is that it is fast, secure and efficient and the money is transferred the same day. Unlike other forms of payment such as cheques, CHAPS payments are irrevocable.

CHAPS is one of the largest real-time gross settlement (RTGS) systems in the world. Banks themselves use CHAPS to move money around the financial system, but it is also used regularly:

for business-to-business payments;
by solicitors/licensed conveyancers to transfer the purchase price of a house between the bank accounts of those involved;
by individuals buying or selling a high-value item, such as a car, who need a secure, urgent, same-day guaranteed payment.


info here.
 
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