CHIPS

Clearing House Interbank Payments System

CHIPS is a private sector clearing and settlement system for large-value wire transfers and payments in the United States. It handles a significant portion of cross-border USD payments and interbank transfers.

Unlike Fedwire which settles transactions individually, CHIPS uses multilateral netting to reduce the number and value of payments that need to be settled, improving efficiency for participating banks.

Related Terms

Fedwire

Federal Reserve Wire Network

Fedwire is a real-time gross settlement (RTGS) system operated by the Federal Reserve Banks for high...

Wire Transfer

A wire transfer is an electronic transfer of funds between banks or financial institutions. Wire tra...

RTGS

Real-Time Gross Settlement

RTGS is a funds transfer system where money moves from one bank to another on a real-time and gross ...

Need to convert bank statements to spreadsheet format? Try our bank pdf to CSV converter to easily export your transaction data to Excel or CSV.

Glossary home

Convert 10 pages free per week.
Try your weirdest statement.

Convert a bank statement PDF free