Clearing House Automated Payment System (CHAPS)

Clearing House Automated Payment System (CHAPS) is a payment method to do same day transfers between bank accounts. Until faster payments came along this was the only way to do same day payments. These days it's more used for large same day transactions or when a limit is reached on faster payments.

Check - Check the bank account details provided are genuine.

Issues - Once the funds have been transferred, they cannot be reversed. If you provide incorrect details to your bank they are under no obligation to help recover the funds.

Timing - Payments are made on the same day.

Discrepancies - Check the bank details provided are genuine.