Clearing House Automatic Payment System (CHAP) is an electronic movement of money between two bank accounts that clears the payees account on the same working day provided that the instructions are received before 3.15 pm.
1 Additional Answer
CHAP is an electronic movement of cash that takes place between two bank accounts. The payment of these funds clears on the same working day. However, you need to provide instructions to the banks before 3.15 pm.