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Clearing House Interbank Payments System

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Chapter Summary

Efficient and secure processing of funds transfers has become a key factor for the liberalization of international financial markets. Two elements are important in the processing of large value funds transfers namely clearing and settlement. The Clearing House (TCH) was established as early as in 1853 to facilitate payments. Clearing House Interbank Payments System (CHIPS) began to operate in 1970 as an arrangement of eight banks, all members of the New York Clearing House Association. CHIPS started its operations as a department of the TCH. Currently, TCH is owned by 22 financial institutions which represent about 60 percent of US Deposits. CHIPS is based on standardization and finality by providing real-time payments. Participating institutions are required to provide daily pre-funding for their balances based on the average during the prior six weeks.

Keywords: Clearing House Interbank Payments System (CHIPS); international financial markets; The Clearing House (TCH)

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