News

PNC joins CHIPS network to process cross-border payments

Wednesday 3 March 2021 12:33 CET | News

US-based PNC Bank has joined the CHIPS network from The Clearing House to clear and settle high-value and cross-border payments.

PNC Bank will now send payments via CHIPS, using the CHIPS settlement algorithm. According to The Clearing House, this reduces operational risk for PNC and for the payment system and allows the PNC’s clients to receive payments and access funds sooner.

Financial institutions in the US and around the world rely on CHIPS to clear and settle USD payments. CHIPS is a USD clearing platform for international payment activity, with approximately 95% of CHIPS payments having a cross-border leg. 


Source: Link


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: cross-border payments
Categories: Payments & Commerce
Companies:
Countries: United States
This article is part of category

Payments & Commerce






Industry Events