First Trust Bank will endeavour to ensure CHAPS payments are received by the beneficiary on the same day as the payment is made.
However, there are a number of steps and multiple financial institutions involved from payment initiation until actual payment receipt.
Therefore, if you are using iBB to facilitate CHAPS payments you should be aware that there is the potential for CHAPS payment(s) delays, which are often beyond the control of First Trust Bank.
In order to minimise any potential for payment delays, the following steps should be taken when making CHAPS payments via iBB:
- Ensure as much information as possible is included within the payment instruction, and all available data fields are completed with valid customer data where possible
- In particular, ensure the full address of the beneficiary is included within each payment instruction
- Try not to use abbreviation(s) in any payment instruction, using full names at all times where possible
- Allow sufficient time from generating the payment instruction on iBB to payment receipt by the beneficiary, as payments generated later in the day risk delay in the event that minor payment queries cannot be resolved before daily cut-off times
Following the steps above will reduce the potential for experiencing payment delays in terms of your payment reaching its intended beneficiary.
Please be assured that everything will be done by First Trust Bank to try to ensure CHAPS payments are received by the beneficiary on the same day as payment initiation.