CHAPS/ Clearing House Automated Payments System is a system in the UK used for processing same-day Sterling Pound payments. Funds are guaranteed to arrive on the day you make them, as long as you set up the transfer before a designated cut-off time (usually somewhere between 3 and 5 pm (15:00 and 17:00). Fees are also often quite high, ranging from around £25 to £35 per transaction.
There are various clearinghouse networks around the world, including Automated Clearing House (ACH) in the US, Single Euro Payments Area (SEPA) in Europe and Direct Entry / Bulk Electronic Clearing System (BECS) in Australia. Please see ACH for more information.
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