CHAPS
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This article is about banking. For the item of clothing, see Chaps. For the laboratory detergent, see CHAPS detergent.
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 cheques, 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 51,000 billion pounds sterling was transferred this way.[citation needed]
CHAPS transfers are relativately expensive, with banks typically charging as much as £25 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.[citation needed]
The Sterling members [1]:
- Abbey
- ABN Amro Bank N.V
- Bank of England
- Bank of Scotland (HBOS)
- Barclays Bank Plc
- Citibank N.A
- Clydesdale Bank Plc
- Cls Bank International
- The Co-Operative Bank plc
- Deutsche Bank A.G
- HSBC Bank Plc
- Lloyds TSB Bank Plc
- National Westminster Bank Plc
- The Royal Bank of Scotland Plc
- Standard Chartered Bank
The Euro members [2]:
- Abbey
- ABN Amro Bank N.V
- Bank of America N.A
- Bank of England
- Bank of Scotland (HBOS)
- Barclays Bank Plc
- The Bank of Tokyo-Mitsubishi UFJ Ltd
- Citibank N.A
- The Co-Operative Bank Plc
- Deutsche Bank A.G
- Dnb Nor Bank ASA
- HSBC Bank Plc
- Jp Morgan A.G
- Lloyds TSB Bank Plc
- National Australia Bank
- National Westminster Bank Plc
- The Royal Bank of Scotland Plc
- Standard Chartered Bank
- Wachovia Bank N.A
[edit] External links
- APACS, which has a section on CHAPS
[edit] References
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