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CHIPS

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CHIPS
Clearing House Interbank Payments System
    
The Clearing House Interbank Payments System (CHIPS) is the main privately held clearing house for large-value transactions in the United States, settling well over US$1 trillion a day in around 250,000 interbank payments.

CHIPS is a privately-held transferal system that allows banks to settle transactions with each other electronically. It primarily deals with large-value fund transfers, with daily totals of more than $1 trillion. CHIPS is used for transactions that are less time-sensitive, contrary to Fedwire, and has fewer members making transfers. It settles transactions by Netting.
    
Clearinghouse is a central collection point where banks within a specified geographic area Exchange checks with one another.
Posted by  LISA Life Insurance Settlement Association
 
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