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How Quickly should Chaps payments reach your account?
thecavalier
Posts: 1 Newbie
I know that banks have to ensure that a CHAPs payment received to your account must be available that day. Are the rules different for a EMI's, Electronic Money Institutions. I recently sold a property, but it took the company I use one day to post the money to my account once they received it. They blamed money laundering regulations.
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https://www.bankofengland.co.uk/-/media/boe/files/payments/chaps/chaps-reference-manual.pdf defines the scheme rules and differentiates between direct participants and indirect ones - my reading is that it's only transactions between the former that are required to complete on the same business day.0
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