The UK runs separate systems for near-instant payments, bulk debits and high-value same-day transfers, and firms reach them either directly or through another institution.
The UK's main sterling payment systems, who operates them and how firms connect.
The Payment Systems Regulator describes Faster Payments as the scheme behind almost-instant payments, including standing orders, and says most internet and telephone banking payments below 100,000 GBP are processed this way.
The Payment Systems Regulator describes Bacs as the system used for Direct Debits, with Bacs Direct Credits used by businesses to pay salaries and wages.
The Bank of England describes CHAPS as a sterling same-day system used for high-value wholesale payments and time-critical lower-value payments, with no minimum or maximum payment limit and usual operating hours of 6am to 6pm on working days.
In the UK's interbank systems CHAPS is operated by the Bank of England, while Faster Payments, Bacs and the cheque image clearing system are operated by Pay.UK, according to the Payment Systems Regulator.
Firms reach these systems either directly, settling through their own Bank of England settlement account, or indirectly through an indirect access provider; agency access gives the indirect firm its own sort code, non-agency access uses a shared one.
To become a CHAPS direct participant an organisation must hold a Bank of England settlement account and meet technical and operational requirements; one domiciled outside England and Wales must supply a legal opinion on company status and settlement finality.
When you make a payment — Payment Systems Regulator
CHAPS — Bank of England
Access to payment systems — Payment Systems Regulator
Fact sheet last reviewed 2026-09-28. Jurisdiction rules are confirmed against the sources above; a provider's own requirements differ and are confirmed by the provider.
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Latynex is not a bank or electronic money institution. Financial accounts and payment services are provided by independent, regulated financial institutions. Final eligibility and approval are determined by the selected provider, following its own KYC/KYB review.
The Bank of England describes CHAPS as a sterling same-day system used for high-value wholesale payments and time-critical lower-value payments, with no minimum or maximum payment limit and usual operating hours of 6am to 6pm on working days.
Firms reach these systems either directly, settling through their own Bank of England settlement account, or indirectly through an indirect access provider; agency access gives the indirect firm its own sort code, non-agency access uses a shared one.
No. Latynex is not a bank, EMI or payment institution. We review your case and, where suitable, introduce it to an independent, regulated financial provider who handles the account itself.
No. No introducer can guarantee a banking or payment-account decision. The provider you are introduced to runs its own KYC/KYB review and makes the final call under its own policies.
Typically: certificate of incorporation, register of directors and shareholders, proof of UBO identity and address, a description of business activity, and evidence of source of funds. Exact requirements vary by provider.
Setup and ongoing fees vary with jurisdiction, ownership structure, business activity, expected turnover and compliance profile. The provider discloses its fees before you proceed, and any Latynex advisory fee is disclosed separately.
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