Information AboutChaps |
| CATEGORIES ABOUT CHAPS | |
| financial services companies of the united kingdom | |
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The Clearing House Automated Payment System or '''CHAPS''' is a British Company Est. London 1984 which offers same-day Sterling and Euro fund transfers. CHAPS is a member of the trade organisation APACS . A CHAPS transfer is initiated by the sender to move money to the recipient's account (at another banking institution) where the funds need to be available (cleared) the same working day. Unlike with a Bank Giro Credit , no preprinted slip specifying the recipient's details is required. Unlike Cheque s, the funds transfer is performed in real-time removing the issue of Float or the potential for payments to be purposefully stopped by the sender, or returned due to insufficient funds, even after they appear to have arrived in the destination account. CHAPS is used by 14 settlement banks including the Bank of England and over 400 sub member financial institutions: in 2003 , over 51 trillion pounds sterling was transferred this way. CHAPS transfers are relatively expensive, with banks typically charging as much as £30 for a transfer. The cost of fast transfers and the slow speed of free transfers (such as BACS ) is sometimes a subject of controversy in the UK. http://telegraph.co.uk/money/main.jhtml?xml=/money/2005/03/16/cmtrans16.xml The Sterling members APACS website, as of 12 July 2006:
The Euro members APACS website, as of 12 July 2006:
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