Clearing House Interbank Payment System (CHIPS)
A privately owned electronic system in New York City that is used to transfer funds between banks. Often used for funds moving into and out of the United States.
See Fed wire and Society for Worldwide Interbank Financial Telecommunication ( SWIFT). American Banker Glossary
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CHIPS CHIPS [tʆɪps]
BANKING abbreviation for Clearing House Interbank Payments System
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CHIPS UK US /tʃɪps/ noun [S] BANKING
► ABBREVIATION for Clearing House Interbank Payments System: a system that is owned by a group of banks, used for making payments in US dollars between banks: »
CHIPS processes over 95% of the USD cross-border payments.
Financial and business terms. 2012.