Clearing House Automated Payment System Definition

Clearing house automated payments system chaps a computerized clearing system for sterling funds that began operations in 1984.

Clearing house automated payment system definition.

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. 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. 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. It includes 14 member banks nearly 450 participating banks and.

The ach is run by the national automated clearing house association nacha. 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. The automated clearing house ach is an electronic funds transfer system that facilitates payments in the u s. 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.

Those are just some of the ways that tens of millions of americans use ach or the automated clearing house network. To cause to roughen redden or crack especially as a result of cold or. This company also operated the town clearing where cheques cleared the. 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. Multinational banks principally use chaps. The clearing house automated payments system chaps is a u k based system that facilitates large british pound denominated money transfers. Automated clearing house ach is a secure payment transfer system that connects all u s.

The clearing house automated payment system chaps is real time gross settlement payment system used for sterling transactions in the united kingdom.