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.
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