By James Duffy and James Sanders In February 2022, the UK’s instant payment scheme, Faster Payments, increased its transaction value limit from £250,000 to £1 million. This provided payments in this value range an alternative means to settle. Using a range of methodologies, we study the subsequent impact on the number of payments settled through CHAPS, the UK’s high-value payment scheme that settles payments on a real-time gross basis.