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CHIPS® Network Successfully Migrates to ISO 20022 Message Format

New York –The CHIPS® network, the largest private-sector high-value clearing and settlement system in the world, which is operated by The Clearing House, successfully migrated to the ISO 20022 message format on the April 8 banking day. The adoption of the ISO 20022 message format by the CHIPS network enhances the efficiency of payments processing; allows participants and end-user customers to glean value from enriched data content, such as extended remittance information; enables users to query structured message formats for multiple purposes, including sanctions and compliance screening; and supports the dollar as a global reserve and settlement currency. 

On Monday, April 8, the CHIPS network concluded its first day of operations on the ISO 20022 message format, releasing 555,345 payments for a value of $1.81 trillion. 

“These figures exceed expectations for volume and value for Day 1 and parallel a typical operating day on the CHIPS network,” said Margaret Weichert, Chief Product Officer, The Clearing House. “They reflect confidence in the performance of the CHIPS ISO 20022 platform and the promise that the new message format will deliver meaningful benefits to participants and customers.”

The CHIPS network is the premier USD clearing and settlement system for international payment activity, with 95% of CHIPS payments being the USD leg of a funds transfer that begins or ends in another country, and the first high-value payment system in the United States to adopt an ISO 20022 message format. The successful migration to messages using the ISO 20022 standard means that CHIPS messages now align with message formats used by other global high-value payment systems, substantially enhancing the efficiency and information content of cross-border payments.

“We are excited to implement ISO 20022, as it will improve payment transparency and accelerate payment delivery with its increased data load and structured content, resulting in a better experience for our clients, CHIPS participants, and the industry,” said Thomas Halpin, HSBC North America Head of Global Payments Solutions. “The CHIPS implementation of ISO 20022 aligns with the global direction of the industry and positions CHIPS participants to provide value-add services that align to client needs.”

The CHIPS network’s migration to the ISO 20022 message format follows parallel migrations of high-value payment systems in other jurisdictions. ISO 20022 is the international standard for financial messaging developed by the International Organization for Standardization (ISO) with the goal to create a common language for financial communications globally.  

“ISO 20022 is the foundation for financial institutions to work smarter and faster, leading to greater operational efficiency, improved data analytics and compliance, new opportunities for innovation, and enhanced customer experience,” said Pat Antonacci, Chief Customer Experience Officer, Swift. “The Clearing House’s successful migration is a significant step towards the U.S. realizing these possibilities, and we look forward to working together to extend the benefits of rich data to the wider payments ecosystem.”

Financial institutions in the United States and around the world utilize the CHIPS network to clear and settle USD payments reliably and with settlement finality. The CHIPS network settles an average of $1.8 trillion in payments every business day and provides the highest liquidity efficiency of major large-value payment systems around the world. The liquidity efficiency of the CHIPS network averaged 26:1 in 2023, meaning that $1 of funding contributed to the network supported $26 in settled payment value.


About The Clearing House
The Clearing House operates U.S.-based payments networks that clear and settle more than $2 trillion each day through wire, ACH, check image, and real-time payments. It is the nation’s most experienced payments company, with a long track record of providing secure and reliable systems, payments innovation, and strategic thought leadership to financial institutions. Learn more at

HSBC Holdings plc
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 62 countries and territories. With assets of US$3,039bn at 31 December 2023, HSBC is one of the world’s largest banking and financial services organisations.
HSBC Bank USA, National Association (HSBC Bank USA, N.A.) serves customers through Wealth and Personal Banking, Commercial Banking, Private Banking, Global Banking, and Markets and Securities Services. Deposit products are offered by HSBC Bank USA, N.A., Member FDIC. It operates Wealth Centers in: California; Washington, D.C.; Florida; New Jersey; New York; Virginia; and Washington. HSBC Bank USA, N.A. is the principal subsidiary of HSBC USA Inc., a wholly-owned subsidiary of HSBC North America Holdings Inc.


Media Contact:
Greg MacSweeney
The Clearing House 

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