I couldn’t find anything about this on the roadmap or in the forum, which worries me greatly.
I just asked in the Monzo chat if they could set the merchant name and logo correctly for my salary payment, and it turns out my new company use CHAPS rather than BACS to pay my salary in, and Monzo can’t change merchant details for CHAPS transactions yet
Is there a technical reason for this? It looks really ugly in my transaction feed.
Is this on the roadmap at all?
Oh, I just noticed they’ve replied in the Monzo chat.
It’s not something that’s a priority but they may be able to offer it in the future.
“May be able to”
Awful news. At least this ugliness only comes up in my feed once a month, but still
Oh. I’m just setting up my bank details in the payroll system at work and it says “Payment Method: BACS”, so maybe they only used CHAPS that one time because I started at the company 8 days before Pay Day.
Does anyone here receive regular CHAPS payments?
Didn’t even know they existed until I joined this forum haha
The majority of people in the UK get paid via BACS or FPS.
Never. I’ve only done one CHAPS payment and it was for my mortgage. Employers usually pay by Direct Credit although some may employ CHAPS if they need to get money to you immediately and don’t have FPS access.
Any employer paying everything by CHAPS would be facing substantially higher banking costs. It seems odd for an employer to do this, at least for regular predictable payments.
It’s a very large company, so my concern was that maybe they just deal with the cost, but fortunately that appears to not be the case.
Just googled the differences:
CHAPS guarantees same-day payment so long as the instructions are received by your bank by 2pm on a working day. There’s no limit to the amount of money you can send. However, your bank will charge you for using this service.
Faster Payments are electronic payments that can be made online, over the phone, in branch or through self-service kiosks at your bank in fewer than 2 hours – so long as both banks are part of the Faster Payments Service. Although most electronic payments sent through Faster Payments will arrive at the recipient bank on the same day, this isn’t guaranteed.
The limit set by the scheme is £250,000 per transaction but must banks set far lower limits than this, if you need it raised you’d have to speak to support before hand.
I presume BACS Credits are cheaper for businesses to process over FPS hence why they are more popular?