CHAPS (Clearing House Automated Payment System) is a UK-based electronic payment system that is used to transfer large sums of money between banks on the same day. CHAPS is typically used for high-value, time-critical payments, such as the purchase of a property or the payment of a large invoice.

CHAPS payments are made through banks and other financial institutions and are typically more expensive than other types of electronic payments due to their speed and security. CHAPS payments are also irrevocable, which means that they cannot be cancelled or reversed once they have been made.

CHAPS is a widely-used payment system in the UK and is used by businesses, individuals, and government agencies to make large, time-critical payments. It is an important tool for managing large financial transactions and ensuring that they are completed efficiently and securely.