The Clearing House Automated Payment System or CHAPS is a British company established in London in 1984, which offers same-day sterling and euro fund transfers. The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom, the UK or Britain,is a Sovereign state located Generally a company is a form of Business organization. The precise definition varies The Pound Sterling ( symbol £; ISO code: GBP) subdivided into 100 pence (singular penny) is the Currency Please update other articles as well to avoid contradiction within Wikipedia e CHAPS is a member of the trade organisation APACS, and the EU-area settlement system TARGET. TARGET ( T rans-European A utomated R eal-time G ross Settlement E xpress T ransfer System was an interbank payment system for

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. Girobank was a British financial institution founded in 1968 It started as Post Office Giro but went through several name changes National Giro, 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. A cheque (spelled check in American English) is a Negotiable instrument instructing a Financial institution to pay a specific amount of In Economics, float makes up the smallest part of the Money supply.

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 ^[1]. "MMIV" redirects here For the Modest Mouse album see " Baron von Bullshit Rides Again "

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^[2], although low value transactions are now available from CHAPS from its Faster Payments Service^[3]

The Sterling members ^[4]:

• 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 ^[5]:

• 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

CHAPS clearing information relating to UK banks may be found in the Industry Sorting Code Directory

External links

• APACS - Bankers Drafts and Cheque Clearing, which has a section on CHAPS

References

BACS (originally an Acronym for Bankers' Automated Clearing Services) is a United Kingdom scheme for the electronic processing of financial transactions Faster Payments Service (FPS is a Banking initiative in the United Kingdom to reduce the time taken for 'low value' payments made person-to-person and business-to-business Abbey, formerly Abbey National, is one of the largest banks in the United Kingdom ABN AMRO is a Dutch bank currently owned by RFS Holdings BV, a consortium of Royal Bank of Scotland Group, Fortis Bank Nederland, and Banco Santander The Bank of England (formally the Governor and Company of the Bank of England) is a state-owned institution and the Central bank of the United Kingdom The Bank of Scotland plc is a commercial and Clearing bank based in Edinburgh, Scotland. HBOS plc ( is a Banking and Insurance group in the United Kingdom, the Holding company for Bank of Scotland plc, which Barclays PLC is a major global financial services provider operating in Europe, North America, the Middle East, Latin America, Australia Citibank is a major international Bank, founded in 1812 as the City Bank of New York, later First National City Bank of New York. The Clydesdale Bank PLC is a Commercial bank in Scotland, a subsidiary of the National Australia Bank (NAB Group. Deutsche Bank AG (literally "German Bank" ˈdɔɪtʃə,) is an international Universal bank with a broad private clients franchise headquartered in HSBC Bank plc is one of the major Clearing banks in the United Kingdom having more assets than any other bank. Lloyds TSB Group plc () is a leading British Financial institution with its Group Head office in London and its registered office National Westminster Bank Plc, or NatWest as it is commonly known is a Commercial bank in the United Kingdom which has been part of The Royal Bank of Scotland Group The Royal Bank of Scotland plc ( Scottish Gaelic: Banca Rìoghail na h-Alba) is one of the retail banking subsidiaries of the Royal Bank of Scotland Group Standard Chartered Bank (, is a British Bank headquartered in London with operations in more than seventy countries Abbey, formerly Abbey National, is one of the largest banks in the United Kingdom ABN AMRO is a Dutch bank currently owned by RFS Holdings BV, a consortium of Royal Bank of Scotland Group, Fortis Bank Nederland, and Banco Santander Banc of America Securities Bank of America () is the largest bank by asset and second largest commercial Bank by deposits and Market capitalization in United The Bank of England (formally the Governor and Company of the Bank of England) is a state-owned institution and the Central bank of the United Kingdom The Bank of Scotland plc is a commercial and Clearing bank based in Edinburgh, Scotland. HBOS plc ( is a Banking and Insurance group in the United Kingdom, the Holding company for Bank of Scotland plc, which Barclays PLC is a major global financial services provider operating in Europe, North America, the Middle East, Latin America, Australia or BTMU, is a Japanese Bank that was established on January 1, 2006, with the merger of The Bank of Tokyo-Mitsubishi Ltd Citibank is a major international Bank, founded in 1812 as the City Bank of New York, later First National City Bank of New York. Deutsche Bank AG (literally "German Bank" ˈdɔɪtʃə,) is an international Universal bank with a broad private clients franchise headquartered in HSBC Bank plc is one of the major Clearing banks in the United Kingdom having more assets than any other bank. JPMorgan Chase & Co ( is the largest Banking institution in the United States by deposits and market capitalization and is one of the oldest operating Lloyds TSB Group plc () is a leading British Financial institution with its Group Head office in London and its registered office National Australia Bank (or NAB) is the second largest financial institution by market capitalisation in Australia after Commonwealth Bank. National Westminster Bank Plc, or NatWest as it is commonly known is a Commercial bank in the United Kingdom which has been part of The Royal Bank of Scotland Group The Royal Bank of Scotland plc ( Scottish Gaelic: Banca Rìoghail na h-Alba) is one of the retail banking subsidiaries of the Royal Bank of Scotland Group Standard Chartered Bank (, is a British Bank headquartered in London with operations in more than seventy countries Wachovia Corporation ( based in Charlotte North Carolina, is a diversified Financial services holding company provided via its operating subsidiaries a broad The Industry Sorting Code Directory (ISCD is the definitive list of bank branches and sub branches in the United Kingdom.

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