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Clearing House Interbank Payments System
Clearing House Interbank Payments System

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!!! Overview
[{$pagename}] ([CHIPS]) is a [Clearing house] in the [United States] and a private [Funds Transfer System] for large-value [Transaction Accounts].
By [2015|Year 2015] it was settling well over US$1.5 [trillion] a day in around 250,000 interbank payments in cross border and domestic transactions.
Together with the [Federal Reserve Wire Network] (which is operated by the [Federal Reserve Banks]), [{$pagename}] forms the primary [United States] network for large-value domestic and international [Funds Transfer System] payments where and has a market share of around 96%.
[{$pagename}] transfers are governed by Article 4A of [Uniform Commercial Code].
Unlike the [Federal Reserve Wire Network] which is part of a regulatory body, [{$pagename}] is owned by the [Financial Institutions] that use it. For payments that are less time-sensitive in nature, [Bank] typically prefer to use [{$pagename}] instead of [Fedwire], as [{$pagename}] is less expensive (both by charges and by funds required). Another reason is that [Federal Reserve Wire Network] is a real-time gross settlement system, while [{$pagename}] allows payments to be netted.
!! More Information
There might be more information for this subject on one of the following:
[{ReferringPagesPlugin before='*' after='\n' }]
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* [#1] - [Clearing_House_Interbank_Payments_System|Wikipedia:Clearing_House_Interbank_Payments_System|target='_blank'] - based on information obtained 2017-12-23-
This page (revision-1) was last changed on 29-Nov-2024 16:16 by UnknownAuthorTop