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What does CHAPS mean? CHAPS stands for Clearing House Automated Payment System. CHAPS was established in 1984 by the Bankers Clearing House in London, but throughout its history, the CHAPS system has been operated by many different companies, until the Bank of England overtook this responsibility in 2017.

Payment and settlement system means the financial infrastructure that carries out payment and settlement between banks and other institutions. Since banks are the medium through which payments are made, the payment and settlement system manage the interbank transactions and settles them.

Settlement Limit means the maximum applicable limit the Company will pay to or for each passenger as shown in the Declarations under Coverage 5.

Payment settlement involves collecting the funds for the amount recorded for an order. For example, when using credit cards, the settlement process specifically involves contacting the payment system and collecting the required amount of funds against the credit card.

As a self-imposed risk management tool, some financial institutions set limits on the unsettled amount with other financial institutions. These limits are set separately for each of counterparty depending on the risk-based evaluation. The limit is sometimes called “Daily Settlement Limit” (DSL).

What does CHAPS mean? CHAPS stands for Clearing House Automated Payment System. CHAPS was established in 1984 by the Bankers Clearing House in London, but throughout its history, the CHAPS system has been operated by many different companies, until the Bank of England overtook this responsibility in 2017.

Payment and settlement system means the financial infrastructure that carries out payment and settlement between banks and other institutions. Since banks are the medium through which payments are made, the payment and settlement system manage the interbank transactions and settles them.

Settlement Limit means the maximum applicable limit the Company will pay to or for each passenger as shown in the Declarations under Coverage 5.

Payment settlement involves collecting the funds for the amount recorded for an order. For example, when using credit cards, the settlement process specifically involves contacting the payment system and collecting the required amount of funds against the credit card.

As a self-imposed risk management tool, some financial institutions set limits on the unsettled amount with other financial institutions. These limits are set separately for each of counterparty depending on the risk-based evaluation. The limit is sometimes called “Daily Settlement Limit” (DSL).