is the United Kingdom 's main high-value payment system It operates in sterling and euro CHAPS Sterling transfers around £200 billion on an average day, whilst CHAPS Euro transfers around €180 billion
The Clearing House Automatic Payment System provides a same day guaranteed sterling electronic credit transfer service within the UK The system allows for the payment of any amount to be transmitted from one bank branch to another via a computer system The sending bank enters instructions to make the transfer into a computer which immediately makes the transfer and notifies the receiving branch of the transfer via computer
Clearing House Automated Payment System An electronic way of transferring money between accounts