CHAPS definition

CHAPS means the Clearing House Automated Payment System;
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Michael G
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CHAPS means the CHAPS payments system used for sending money within the UK by electronically processing sterling bank to bank same day value payments. Both the sending and receiving financial institution need to be members of the CHAPS Scheme;
CHAPS means the clearing houses automated payment system or any other method of electronic transfer for same-day value;

Examples of CHAPS in a sentence

The approval of the use of BACS or CHAPS shall be renewed by resolution of the council at least every two years.

If thought appropriate by the council, payment for certain items may be made by BACS or CHAPS methods provided that the instructions for each payment are signed, or otherwise evidenced, by two authorised bank signatories, are retained and any payments are reported to council as made.

All payments shall be made by direct debit mandate or standing order mandate, CHAPS transfer, BACS transfer or other electronic or telegraphic transfer to a London clearing bank or such other financial institution as may be approved by the party entitled to the payment, such approval not to be unreasonably withheld or delayed.

If thought appropriate by the council, payment for certain items may be made by BACS or CHAPS methods provided that the instructions for each payment are signed, or otherwise evidenced, by two authorised bank signatories are retained and any payments are reported to council as made.

Payments via CHAPS, BACS or electronic transfer will not be accepted.


More Definitions of CHAPS

CHAPS means the UK payment system referred to by that name and provided by Chaps Clearing Company Limited;
CHAPS means the Clearing House Automated Payments system for processing same day sterling payments within the UK.
CHAPS means clearing houses automated payment systems;
CHAPS means Clearing House Automated Payment System.
CHAPS means the Clearing House Automated Payment System.
CHAPS means same day electronic transfer of funds payments in GBP in the UK made through the Clearing House Automated Payment System (CHAPS).
CHAPS means the Clearing House Automated Payments same day sterling payments within the UK