CHAPS

CHAPS (Clearing House Automated Payment System) is a UK electronic payment service used for fast, secure transfers of large sums of money between banks within the country. It processes payments almost instantly during business hours, making it ideal for large or time-sensitive transactions like property purchases or corporate dealings. Once initiated, funds are transferred directly from the sender’s account to the recipient’s account on the same day, providing a reliable and efficient way to settle substantial payments quickly.