CHAPS
Business & Finance abbreviation · Banking
| Stands for | Clearing House Automated Payment System |
|---|---|
| Categories | Business & Finance |
CHAPS stands for Clearing House Automated Payment System, a banking abbreviation.
UK's high-value, same-day sterling payment system, used for house purchases, large corporate payments and interbank transfers, settled in real time through the Bank of England. Payments are final once made.
Example: The solicitor sent the completion money by CHAPS so the sale could complete the same afternoon.
Usage notes
Launched in 1984 and operated directly by the Bank of England since 2017. Banks typically charge customers a flat fee per payment, and there is no upper limit on the amount. Smaller UK payments usually go through Faster Payments or Bacs instead.
Related abbreviations
More banking abbreviations
- CASA – Current account and savings account
- CBDC – Central bank digital currency
- CD – Certificate of deposit
- CDD – Customer due diligence
- CET1 – Common Equity Tier 1
- CFT – Countering the financing of terrorism
- CHIPS – Clearing House Interbank Payments System
- Chq – Cheque
- CIP – Customer identification program
- CRA – Community Reinvestment Act
- CRR – Cash reserve ratio
- CTR – Currency transaction report