Which of the following are primary UK clearing systems?

The primary UK clearing systems are indeed CHAPS, Bacs, and Faster Payments. Each of these plays a significant role in the UK payment landscape.

CHAPS (Clearing House Automated Payment System) is a real-time gross settlement system for high-value payments, allowing businesses and individuals to make same-day payments in pounds sterling. Bacs (Bankers' Automated Clearing Services) is used primarily for direct debits and direct credits, facilitating the electronic transfer of funds between bank accounts, useful for payroll and repetitive payments. Faster Payments is a newer service that enables near-instant transfers between banks, making it ideal for time-sensitive transactions.

In contrast, the other choices presented feature systems that operate primarily outside the UK or serve different functions. SWIFT serves as a messaging network for international transactions and does not settle payments itself. ACH (Automated Clearing House) is a network used in the U.S. for electronic payments, while SEPA (Single Euro Payments Area) is focused on euro transactions across Europe. Likewise, RTGS, CHIPS, and Fedwire are systems used in the U.S. and are not relevant to the UK clearing context. Lastly, IBAN is an international bank account numbering system used in Europe, and while Bacs is