What is CHAPS?

Question

What is CHAPS?

Accepted Answer

The Clearing House Automated Payment System (CHAPS) is the United Kingdom's high-value, same-day payment system, primarily used for time-critical, large-value sterling transactions with no upper limit, settling funds irrevocably across the Bank of England's Real-Time Gross Settlement (RTGS) infrastructure.

CHAPS

What is CHAPS?

What is CHAPS and how does it function as the UK's high-value payment system?

How does CHAPS compare to other major UK payment schemes like Faster Payments and BACS, and when should each be used?

What are the typical costs, transaction limits, and specific use cases that necessitate the use of a CHAPS payment?

How does CHAPS's RTGS infrastructure ensure financial stability and what is its relevance to stablecoins and FX settlement?

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