Clearing House Automated Payment System (CHAPS) is a bank-to-bank payment system that provides irrevocable, settlement risk-free, and efficient payments. CHAPS guarantee same-day payment – as long as payment instructions are received by a specific time in the working day (the time is determined by your bank). It is typically used for high value payments, as there is no limit to the amount of money that you can transfer via CHAPS. For more information, see the Key Concepts Guide.