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CHIPS ISO 20022 Migration Remains on Schedule for 2023

New York – The Clearing House (TCH) announced that CHIPS, the largest private sector USD clearing and settlement system in the world, remains on schedule to implement the ISO 20022 message format in November 2023 as planned.

TCH, the operator of CHIPS, remains committed to the ISO 20022 message format to enhance the efficiency of payments processing, to allow participants and end user customers to glean value from enriched data content and structured message formats, and to support the dollar as a global reserve and settlement currency. 

CHIPS, a domestic and cross-border payments system, is the premier USD clearing platform for international payment activity, with approximately 95% of CHIPS payments having a cross-border leg. The November 2023 message format conversion will therefore place CHIPS messages in the same ISO 20022 format as other global large high-value payment systems, substantially enhancing the efficiency and information content of cross-border payments. While working with the industry to implement the ISO 20022 message format, TCH continues to enhance CHIPS by extending operating hours (March 2021), strengthening resiliency, and considering improvements to its patented liquidity savings mechanism. CHIPS participants recommended TCH continue to follow the ISO 20022 implementation plan, as outlined in early 2021.

Financial institutions in the U.S. and around the world rely on CHIPS to clear and settle USD payments reliably and with settlement finality. CHIPS settles an average of $1.8 trillion in payments per day on a comparatively small funding base. CHIPS patented liquidity savings algorithm matches and offsets payments continually, resulting in an extremely efficient settlement process. The liquidity efficiency of CHIPS presently exceeds 20:1, meaning that $1 in funding contributed to the network supports over $20 in settled value, with most payments settling in mere seconds. While the benefits of liquidity savings are substantial across all phases of an interest rate cycle, they are especially pronounced in an environment of rising rates and quantitative tightening.

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. In 2017, The Clearing House revolutionized U.S. payments by introducing the RTP® network, which supports the immediate clearing and settlement of payments, along with the ability to exchange related payment information across the same secure channel. These RTP capabilities enable all financial institutions to offer safer, faster, and smarter digital transaction services for their corporate and retail customers. Learn more at


Media Contact:
Greg MacSweeney
Vice President & Head of Communications
The Clearing House 

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