The Clearing House Automated Payment System (CHAPS) is real-time gross settlement payment system used for sterling transactions in the United Kingdom. CHAPS was originally established in London by the Bankers Clearing House in February 1984, transferring to the CHAPS and Town Clearing Company Limited in December 1985. This company also operated the 'town clearing', where cheques cleared the same day between the 'town' bank branches in central London. Town clearing had been the forerunner of the CHAPS system, and was finally closed in 1995.