Clearing House Automated Payment System

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(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.


See also