Clearing House Interbank Payments System


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Related to Clearing House Interbank Payments System: Fedwire

Clearing House Interbank Payments System (CHIPS)

An international wire transfer system for high-value payments operated by a group of major banks.

CHIPS

Clearing House Interbank Payments System. A wire transfer system allowing participating banks to exchange large amounts of money between themselves as needed. See also: Fedwire.
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Recently, The New York Clearing House Association (NYCH), which operates the Clearing House Interbank Payments System (CHIPS), the largest private sector payment system, developed new rules to reduce settlement risk in its $1.
FEATURE/USCIB study reveals majority of international banks trying to reduce settlement risk
Whether a wire transfer is made by the Federal Reserve wire transfer network (Fedwire), the New York Clearing House Interbank Payments Systems (CHIPS), or some other method, the procedure is relatively standard.
What you should know about wire-transfer liabilities

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