CHAPS (Clearing House Automated Payment System) is a real-time gross settlement payment system operating in the UK, allowing for the quick and secure transfer of high-value or time-critical payments directly between bank accounts.
A clearing house is a centralized and computerized system for settling indebtedness between members, enabling efficient offsetting of claims for direct debits and credits.
A credit transfer is a system that enables the transfer of money from one bank account to another, based on instructions given by the payer, detailing the receiver’s sort code and account number.
An entity established in 2009 as the successor to the Association for Payment Clearing Services (APACS). UKPA manages payment clearing and overseas money transmission in the UK, providing services and facilities to four main operating companies.
