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The Clearing House Automated Payment System (CHAPS) is the UK's same day high value payment system. At the moment ;) CHAPS is the only UK payment system that guarantees real time finality, on any value, in 'Central bank money' as each payment instruction settles. Launched over 32 years ago, the CHAPS system guarantees same day settlement finality for payments of any value. Since 1996, CHAPS has used an enhanced Real Time Gross Settlement (RTGS) system where each individual payment is settled in real time across its Direct Participants’ settlement accounts at the Bank of England. Most of the daily value processed by CHAPS is from wholesale transactions where CHAPS acts as the portal through which international sterling flows take place. CHAPS is used by banks, building societies and other payment service providers to pay each other. However, it is most generally known within the UK as the payment method for house purchases, although this represents only a fractio...