Glossary

Clearing House Automated Payment System (CHAPS)

Is Automated Clearing System which facilitates Transaction Settlement between Financial Institutions in the United Kingdom. 

How does CHAPS work?

It allows to execute Direct Credit, normally Transactions are Settled near real time after the submission of the Order. It has the same speed as Faster Payments and allows to Transfer higher value amounts. Differently from Faster Payments, it does not have any limit on the amount which can be sent. However, it is more expensive than Faster Payments. 

It works in the same manner as all other Clearing Systems.

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