(CHAPS) The Clearinghouse Automated Payment System (CHAPS) is a large-value, electronic credit transfer system that provides same-day funds transfers for British pound payments. Located in London, the clearing network is similar to Clearinghouse Interbank Payment System (CHIPS). The 14 CHAPS members operate the system and settle balances at the end of each day through the Bank of England. CHAPS offers transfer services to other banks and customers through its 14 members. Transfers through CHAPS are considered final; they are guaranteed, irrevocable, and unconditional. Remember, however, that this is a private system, and thus the transfers are guaranteed by the members and not by the Bank of England.