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Clearing House Interbank Payments SystemClearing House Interbank Payments System (CHIPS), is a bank-owned, real-time, final payments system for clearing and settling large value U.S. dollar interbank payments. CHIPS processes over 267,000 payments daily, with a gross value of over $1.37 trillion. It is the primary payments platform for the international banking industry, and the only large value system that has the capability of carrying extensive remittance information for commercial payments. Since its establishment in 1970, CHIPS has processed over 95% of the USD cross-border payments. CHIPS is owned by the Clearing House Payments Company LLC (The Clearing House), and represents 22 countries. Any banking institution with a regulated presence in the US can buy into and participate in CHIPS. See also External links
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