Clearing House Automated Payment System Definition

It includes 14 member banks nearly 450 participating banks and.

Clearing house automated payment system definition.

The clearing house automated payments system chaps is a u k based system that facilitates large british pound denominated money transfers. Chapped chap ping chaps v. An automated clearing house ach is a computer based electronic network for processing transactions usually domestic low value payments between participating financial institutions it may support both credit transfers and direct debits. The automated clearing house ach is the primary system that agencies use for electronic funds transfer eft with ach funds are electronically deposited in financial institutions and payments are made online.

Clearing house automated payment system synonyms clearing house automated payment system pronunciation clearing house automated payment system translation english dictionary definition of clearing house automated payment system. The ach network acts as the central clearing facility for all electronic fund. The ach system is designed to process batches of payments containing numerous transactions and charges fees low enough to encourage its use for low value. The clearing house automated payment system chaps is a way of transferring sums of money the same day.

When you pay a bill online and save the hassle of writing and mailing a check or set your mortgage car loan and other recurring payments to automatically pay on the day of the month you choose that s ach. Chaps was originally established in london by the bankers clearing house in february 1984 transferring to the chaps and town clearing company limited in december 1985. Automated clearing house ach is a secure payment transfer system that connects all u s. Clearing house automated payments system chaps a computerized clearing system for sterling funds that began operations in 1984.

The clearing house automated payment system chaps is real time gross settlement payment system used for sterling transactions in the united kingdom. This company also operated the town clearing where cheques cleared the. Chaps is typically used for high value urgent payments such as those transferred by a solicitor between banks and current accounts during a house purchase. Multinational banks principally use chaps.

Those are just some of the ways that tens of millions of americans use ach or the automated clearing house network.