CHIPS (Clearing House Inter-bank Payments System) is a privately operated, real-time, multilateral, payments system typically used for large dollar payments. The primary clearing house in the U.S. for large banking transactions. CHIPS settles over of trades per day, valued in excess of $1 trillion. CHIPS and. Clearing House Interbank Payments Company (CHIPS) is a bank-owned payments system that clears large-value payments in real time. It is categorized as an.
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CHIPS transfers are governed by Article 4A of Uniform Commercial Code. Unlike the Fedwire system which is part of a regulatory body, CHIPS is owned by the financial institutions that use it. When this procedure has been completed, the Clearing House transfers those funds via Fedwire out of the settlement account to settling participants with net credit positions. For payments that are less time-sensitive in nature, banks typically prefer to use CHIPS instead of Fedwire, as CHIPS is less expensive both by charges and by funds required. Like all Fedwire transfers of funds, transfers into and out of the CHIPS settlement account are final and irrevocable upon receipt. Topic General feedback Call back request Complaints Questions about recent transfer Questions before registering Refer a friend Submission of identity documents Technical support Other.