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Clearing House Automated Payments System (CHAPS)
What Is CHAPS
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.
The Monito Glossary
When it comes to moving money, don't let yourself be bogged down by all the jargon. Explore The Monito Glossary to get up to speed with everything you need to know about money transfers.
Other Popular Money Transfer Definitions
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