Clearing House Interbank Payments System (CHIPS) definition

Clearing House Interbank Payments System (CHIPS)

Electronic funds transfer system that handles over 95 percent of all international dollar payments. Located in New York City, chips settles transactions through adjustments in special account balances at the Federal Reserves Bank of New York City. See also SWIFT.

Clearing House Interbank Payments System (CHIPS) is in the Banking, Commerce & Finance, E-Commerce and International Trade & Relations subjects.

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