CHAPS
CHAPS Sterling is a same-day automated payment system for processing sterling payments made within the UK, between its member banks.
The main benefit of CHAPS is that it is fast as the money is transferred the same day. Unlike other forms of payment such as cheques, CHAPS payments are irrevocable.
CHAPS Sterling is one of the largest real-time gross settlement (RTGS) systems in the world. Banks themselves use CHAPS to move money around the financial system, but it is also used regularly for other types of payments including:
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business-to-business payments;
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by solicitors/licensed conveyancers to transfer the purchase price of a house between the bank accounts of those involved;
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by individuals buying or selling a high-value item, such as a car, who need a secure, urgent, same-day guaranteed payment.
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