Clearing House Interbank Payments System
- Clearing House Interbank Payments System
A US bankers' clearing house for paying and accepting funds. It is an electronic system operated through terminals in bank branches. Participating banks must be members of the New York Clearing House Association or affiliates of it, for example foreign banks operating in the USA can only take part through selected correspondents among the 12 New York Clearing Houses. Outside New York, similar transactions are undertaken through Fedwire, a clearing system for members of the Federal Reserve System. CHIPS processes over 267,000 payments a day with a gross value of $1.32 trillion.
Accounting dictionary.
2014.
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