What is the Clearing House Interbank Payments System?

The London Clearing House Clearing House of Automated Payment System (CHAPS) was established in 1984 and is one of the largest clearing systems in the world.

London Clearing House Interbank System

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The London Clearing House Clearing House of Automated Payment System (CHAPS) was established in 1984 and is one of the largest clearing systems in the world.
After Fedwire in the United States, it ranks second in the world. It is an inter-bank same-day electronic payment system that cooperates with the Bank of England to provide collection and settlement services.

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