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English definition of “CHAPS”

CHAPS

noun     /tʃæps/
BANKING abbreviation for Clearing House Automated Payment System: in the UK, an electronic system used for paying money from an account in one bank to someone else's account in another bank on that same day: CHAPS payment/transfer Banks may charge a fee for a CHAPS transfer.
(Definition of CHAPS noun from the Cambridge Business English Dictionary © Cambridge University Press)
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