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CHIPS Now Available to More U.S. Financial Institutions

Wednesday 13 October 2004 14:09 CET | News

CHIPS, the real-time, large-value electronic payment system from The Clearing House Payments Company, has released a software interface through a partnership agreement with IntraNet that expands access to more financial institutions in the U.S.

Intranets large installed base of customers creates a new opportunity for CHIPS to expand its reach domestically. CHIPS is a real-time, final payment system used by financial institutions around the world to clear $1.3 trillion in payments each day. It features multilateral netting with payments finality -- a patented process that maximizes the use of liquidity, which reduces daylight overdraft charges. CHIPS is the only wire system able to support the inclusion of large amounts of remittance information with payments. CHIPS accommodates remittance information in a variety of universally accepted standards, such as ANSI X.12 820, UNEDIFACT and XML formats. This feature enables CHIPSs participants to offer their business customers the unique ability to receive an integrated solution for moving payments and payment-related information. This simplifies the reconciliation process, along with providing immediate funds availability for large value payments. CHIPS is a premier wire transfer system with exceptional performance, operating at nearly 100% uptime year after year and a straight-through-processing rate of over 94%. In addition to its unique, multilateral netting capability, CHIPS has flexible, web-based management tools that allow financial institutions to control their use of CHIPS, such as intra-day research of payments and the management and prioritization of payments within the system. CHIPS has flexible web-based management tools that allow financial institutions to control their use of CHIPS, such as intra-day research of payments and the management and prioritization of payments within the system. In addition, CHIPS is the only large-value real-time payment system in the world able to support the inclusion of extensive remittance information with each payment -- a feature that will become essential as high-value B-to-B electronic payments increase.


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Categories: Payments & Commerce | Payments General
Countries: World
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