Clearing House Automated Payment System (CHAPS)

CHAPS is a high-value payment system predominantly used in the United Kingdom that facilitates same-day guaranteed fund transfers for transactions typically involving large amounts of money. This system is critical for payments that require immediate clearing, such as real estate purchases, large corporate transactions, or any other scenario where same-day settlement is crucial.

The main characteristics of CHAPS include:

CHAPS plays a vital role in the UK's financial infrastructure, particularly for transactions requiring immediate funds availability, secure handling, and certainty of completion within the same business day.