Clearing House Automated Payment System
From ACT Wiki
(CHAPS).
Funds transfer.
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.
