Definition[]
The Clearing House Interbank Payments System (CHIPS) is
| “ | [a] "real time," multilateral, final payments system for large dollar value, business-to-business payment transactions between domestic or foreign institutions that have offices located in the United States. CHIPS is run by CHIP Co. LLC, a subsidiary of The Clearing House Payments Company, LLC.[1] | ” |
References[]
- ↑ FFIEC IT Examination Handbook, Retail Payment Systems, Appendix B: Glossary (full-text).