What is the difference between BACS and CHAPS?

BACS stands for Bankers Automated Clearing System while CHAPS refer to the Clearing House Automated Payment System. People are always looking for quicker ways to spend their money. A lot of people will prefer CHAPS over BACS, probably because of the faster way that they can get their money. The transfer of money when people are using CHAPS can usually occur in just one day, whereas when people use BACS, you are expected to use this to transfer your payment from your account to another easily.
Take note that CHAPS is only located in the UK. Some may wonder if they would get their payment at midnight. Most of the time, you would get your money during business hours.