CHAPS 2235851 216282401 2008-05-31T23:11:54Z 82.25.187.53 {{otheruses|Chaps (disambiguation)}} The '''Clearing House Automated Payment System''' or '''CHAPS''' is a [[United Kingdom|British]] [[company (law)|company]] established in London in 1984, which offers same-day [[Pound sterling|sterling]] and [[euro]] fund transfers. CHAPS is a member of the trade organisation [[APACS]], and the EU-area settlement system [[TARGET]]. 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 (money supply)|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 19 settlement banks including the Bank of England and over 400 sub member financial institutions. In its first year of operation, average daily transactions numbered 7,000 with a value of 5 billion pounds sterling. In [[2004]], twenty years later, average daily transactions numbered 130,000 with a value of 300 billion pounds sterling <ref>APACS website, http://www.apacs.org.uk/uk_payment_schemes/chaps_clearing.html</ref>. 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<ref>[http://telegraph.co.uk/money/main.jhtml?xml=/money/2005/03/16/cmtrans16.xml 'This technology is easily available. There is no reason we can't have it' - Telegraph<!-- Bot generated title -->]</ref>, although low value transactions are now available from CHAPS from its [[Faster Payments Service]]<ref> [http://www.apacs.org.uk/fasterpayments]</ref> The Sterling members <ref>APACS website, as of 12 July 2006</ref>: * [[Abbey (bank)|Abbey]] * [[ABN AMRO|ABN Amro Bank N.V]] * [[Bank of England]] * [[Bank of Scotland]] ([[HBOS]]) * [[Barclays Bank|Barclays Bank Plc]] * [[Citibank|Citibank N.A]] * [[Clydesdale Bank|Clydesdale Bank Plc]] * [[Cls Bank International]] * [[Co-operative Bank|The Co-Operative Bank Plc]] * [[Deutsche Bank|Deutsche Bank A.G]] * [[HSBC Bank (Europe)|HSBC Bank Plc]] * [[Lloyds TSB|Lloyds TSB Bank Plc]] * [[NatWest|National Westminster Bank Plc]] * [[The Royal Bank of Scotland|The Royal Bank of Scotland Plc]] * [[Standard Chartered Bank]] The Euro members <ref>APACS website, as of 12 July 2006</ref>: * [[Abbey (bank)|Abbey]] * [[ABN AMRO|ABN Amro Bank N.V]] * [[Bank of America|Bank of America N.A]] * [[Bank of England]] * [[Bank of Scotland]] ([[HBOS]]) * [[Barclays Bank|Barclays Bank Plc]] * [[The Bank of Tokyo-Mitsubishi UFJ|The Bank of Tokyo-Mitsubishi UFJ Ltd]] * [[Citibank|Citibank N.A]] * [[Co-operative Bank|The Co-Operative Bank Plc]] * [[Deutsche Bank|Deutsche Bank A.G]] * [[Dnb Nor Bank ASA]] * [[HSBC Bank (Europe)|HSBC Bank Plc]] * [[JPMorgan Chase & Co.|Jp Morgan A.G]] * [[Lloyds TSB|Lloyds TSB Bank Plc]] * [[National Australia Bank]] * [[NatWest|National Westminster Bank Plc]] * [[The Royal Bank of Scotland|The Royal Bank of Scotland Plc]] * [[Standard Chartered Bank]] * [[Wachovia|Wachovia Bank N.A]] CHAPS clearing information relating to UK banks may be found in the [[ISCD|Industry Sorting Code Directory]] ==External links== *[http://www.apacs.org.uk/ APACS - Bankers Drafts and Cheque Clearing], which has a section on CHAPS ==References== <div class="references-small"> <references/> </div> [[Category:Financial services companies of the United Kingdom]] [[Category:Payment systems]] {{Euro-bank-stub}} [[ru:CHAPS]]