CHAPS
Clearing House Automated Payment System
CHAPS is a UK RTGS payment system used for high-value, same-day sterling payments. It's typically used for large transactions like property purchases and business payments.
CHAPS payments are irrevocable once processed and settle in real-time. While more expensive than BACS, CHAPS is essential for time-sensitive, high-value transactions where same-day settlement is required.
Related Terms
BACS
Bankers' Automated Clearing Services
BACS is a UK-based system for processing electronic payments including Direct Debits and Direct Cred...
Wire Transfer
A wire transfer is an electronic transfer of funds between banks or financial institutions. Wire tra...
Sort Code
A sort code is a 6-digit number used for domestic transfers in the United Kingdom which identifies t...
RTGS
Real-Time Gross Settlement
RTGS is a funds transfer system where money moves from one bank to another on a real-time and gross ...
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