Clearing House Automated Payment System. Refers to the same-day payment system operated by CHAPS Co.
The CHAPS Clearing Company Limited, the scheme company which is responsible for the day-to-day management of CHAPS.
Direct Participants will submit payment instructions for their own CHAPS payments and on behalf of their customers (indirect participants). Each Participant will have their own representative who sits on the CHAPS Board.
These are the customers of Direct Participants who wish to settle their CHAPS payments through the RTGS system. Indirect participants include both financial and non-financial institutions.
LSM uses a series of offsetting algorithms to match pairs or groups of CHAPS payments, settling them in batches (matching cycles) simultaneously to offset their liquidity needs against one another.
MIRS is a backup service for RTGS systems - electronic platforms used for the continuous settlement of high value and multi-currency cash payments between banks.
The system provides real time posting with finality and irrevocability of debit and credit entries to participants’ accounts. It forms an integral part of two systemically important interbank funds transfer mechanisms: the CHAPS high value payment system and the funds transfer mechanism supporting the CREST securities settlement system.
Society for Worldwide lnterbank Financial Telecommunication. SWIFT is CHAPS' payment messaging network connecting the Participants to each other and the RTGS system.