Clearing House Automated Payment System

Funds transfer - infrastructure.

(CHAPS).

A UK-based payment system for high-value, sterling real time gross settlement of transactions (RTGS) operated by the Bank of England through a subsidiary. It also offered euro payments but this service was discontinued in 2008.

It uses the MIRS settlement system back-up system offered by SWIFT as its offshore, distributed processing back-up.

As a result of its migration to a new platform, it was for a while also called NewCHAPS.

See also

• Clearing House Interbank Payment System
• Faster Payments Service
• Fedwire
• Infrastructure
• NewCHAPS
• Real-time gross settlement system
• BACS
• Payments and payment systems