Business Flows

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  • FPS & CHAPS
  • CHAPS, which was introduced in 1984, provides a limited faster-than-BACS service (by close of business that day) for "high value" transactions, while FPS is focused on the much larger number of smaller payments.

  • BACS
  • BACS Payment Schemes Limited (BACS), previously known as Bankers' Automated Clearing System, is responsible for the clearing and settlement of UK automated direct debit and BACS Direct Credit.