The three largest payment services in the United States include CHIPS, automated clearing house (ACH) transfers, and Fedwire. Today, CHIPS is one of the world's largest private payment clearing systems, with an estimated $1.8 trillion in daily transactions. The goal was simple: to have a system to facilitate the liquidation of large transactions, typically involving multinational parties and foreign currency. Originally it was an abbreviated form of the New York Clearing House Interbank Payment System, which in turn was under the control of the New York Clearing House Association (NYCHA). The clearing house interbank payments system was founded in 1970. The Clearing House network privately operates CHIPS, and CHIPS participants can use this service to make domestic and international payments. The term "CHIPS" is an acronym for "Clearing House Interbank Payments System."ĬHIPS is owned by roughly 50 financial institutions, all of which use its unique system. Here's how CHIPS payments work and how you can integrate this system into your business. The CHIPS system is one of the primary clearing houses used for large financial transactions in the United States. These financial intermediaries allow you to settle accounts and complete purchases quickly, conveniently, and safely. Clearing houses have always been a valuable tool for business owners.
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