CHIPS is a private-sector high-value U.S. dollar clearing and settlement system operated by The Clearing House. FIs use CHIPS to clear and settle domestic and cross-border USD wire payments with liquidity efficiency, finality, resiliency, and control.

CHIPS supports both domestic and cross-border high-value USD payments. The network supports a broad range of high-value U.S. dollar payment flows involving U.S. and global endpoints.

CHIPS supports high-value USD wire payments across commercial, treasury, correspondent banking, institutional, corporate, domestic, and cross-border use cases. It is designed for FIs with significant wire activity and critical USD payment needs.

CHIPS improves liquidity efficiency by continuously matching and offsetting payment obligations among participants. This helps FIs settle large payment volumes with less funding than would otherwise be required under traditional real-time gross-settlement models.

CHIPS provides private-sector high-value USD clearing and settlement infrastructure that complements public-sector settlement options. Financial institutions use CHIPS to support liquidity-efficient, final, and resilient domestic and cross-border wire payment activity.

CHIPS operates on a 21-hour processing window, giving participants broad coverage for high-value USD payment submission, settlement, and liquidity management.

No. CHIPS is not an end-of-day settlement system. CHIPS provides continuous intraday settlement with finality. Payments are settled when they are released under CHIPS rules and available liquidity conditions.

Finality means that once a CHIPS payment is released and settled, settlement is final and irrevocable. This provides certainty for participating FIs and supports critical high-value payment activity.

Yes. CHIPS supports ISO 20022 messaging. The data-rich format helps participants use structured payment information for extended remittance information, automation, straight-through processing, reconciliation, and sanctions and compliance screening.

FIs with significant high-value USD wire activity should consider whether CHIPS can support their liquidity, resiliency, and operational goals. The Clearing House can help institutions evaluate the potential liquidity benefits based on their payment volume, value, and operating model.

CHIPS supports multiple connectivity options, which may include direct connectivity, VPN connectivity, and third-party service provider connectivity. The Clearing House works with institutions to determine the connectivity approach that best fits their needs.

A financial institution can contact The Clearing House to request a customized CHIPS liquidity analysis. This analysis can help estimate how CHIPS may improve liquidity efficiency based on the institution’s wire activity, payment volume, and payment value.