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 Glossary   >   C   >   "CHAPS (clearing house automatic payment system) payment" Definition   

        CHAPS (clearing house automatic payment system) payment

An electronic transfer of money between two bank accounts that will clear the payee"s account on the same working day provided instructions are received before 3.15 pm.

CHAPS (clearing house automatic payment system) payment
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CHAPS (clearing house automatic payment system) payment \ An electronic transfer of money between two bank accounts that will clear the payee"s account on the same working day provided instructions are received before 3.15 pm.


CHAPS (clearing house automatic payment system) payment / an electronic transfer of money between two bank accounts that will clear the payee"s account on the same working day provided instructions are received before 3.15 pm.