CHAPS
A UK system for high-value, same-day bank-to-bank transfers.
Detailed Description
CHAPS
What does CHAPS stand for?
CHAPS stands for Clearing House Automated Payment System.
What types of transactions is CHAPS primarily used for?
CHAPS is primarily used for high-value transactions, especially in business and real estate.
How quickly are CHAPS payments processed?
CHAPS payments are processed in real-time during banking hours, with same-day settlement if initiated before the cut-off time.
What are the typical fees associated with CHAPS transactions?
Fees for CHAPS can range from £20 to £50 or more, depending on the bank.
Who regulates the CHAPS system?
CHAPS operates under the regulatory oversight of the Bank of England and the UK’s Payment Systems Regulator.