CHAPS Insights

What is CHAPS?

CHAPS (Clearing House Automated Payment System) is a UK payment system guaranteeing same-day payment for high-value transactions. It is primarily used for time-critical, large-value payments, such as property purchases and corporate transactions. CHAPS payments are irrevocable and offer certainty of settlement on the same day.

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What other technologies are related to CHAPS?

CHAPS Competitor Technologies

BACS

BACS is a UK payment system mainly used for direct debits and direct credits. While not real-time like CHAPS, it is an alternative payment method, making it a competitor for certain types of transactions.

mentioned alongside CHAPS in 40% (305) of relevant job posts

Faster Payments

Faster Payments (FPS) is a UK payment system for near real-time payments. It directly competes with CHAPS for faster, smaller value payments.

mentioned alongside CHAPS in 53% (175) of relevant job posts

SEPA

SEPA (Single Euro Payments Area) facilitates euro payments across Europe. It provides an alternative to CHAPS for cross-border euro payments, making it a competitor.

mentioned alongside CHAPS in 13% (330) of relevant job posts

Target2

TARGET2 is a real-time gross settlement (RTGS) system for euro payments across the Eurosystem. As an RTGS system, it's a direct competitor to CHAPS, which is also an RTGS system.

mentioned alongside CHAPS in 32% (131) of relevant job posts

CHIPS

CHIPS (Clearing House Interbank Payments System) is a US payment system for large-value transactions, primarily in US dollars. It competes with CHAPS for international USD payments.

mentioned alongside CHAPS in 15% (152) of relevant job posts

Fedwire

Fedwire Funds Service is a real-time gross settlement system in the US. It is a direct competitor to CHAPS for large-value USD payments.

mentioned alongside CHAPS in 10% (122) of relevant job posts

FPS

FPS (Faster Payments Service) is a UK payment system for near real-time payments. It directly competes with CHAPS for faster, smaller value payments.

mentioned alongside CHAPS in 14% (74) of relevant job posts

ACH

ACH (Automated Clearing House) is a US payment system for electronic funds transfers. It is an alternative to CHAPS, making it a competitor for certain types of transactions.

mentioned alongside CHAPS in 3% (100) of relevant job posts

CHAPS Complementary Technologies

ISO20022

ISO 20022 is a messaging standard used in payment systems. Its adoption enhances interoperability and data richness, making it complementary to CHAPS.

mentioned alongside CHAPS in 6% (149) of relevant job posts

RTGS

RTGS (Real-Time Gross Settlement) is a type of payment system, and CHAPS is an RTGS. Thus, the RTGS concept is closely related and complementary.

mentioned alongside CHAPS in 8% (83) of relevant job posts

Swift

SWIFT is a messaging network used for secure financial transactions, including CHAPS payments. SWIFT facilitates the exchange of payment messages, making it complementary.

mentioned alongside CHAPS in 0% (479) of relevant job posts