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Clearing house interbank payment system

• The most important wire transfer service; operated by international banking consortia.

• Banks and other financial intermediaries send most of their wholesale payments electronically either through Fedwire or Clearing House InterBank Payment System (CHIPS). All claims sent on CHIPS clear at the end of the day.

• Abbreviated CHIPS. An international wire transfer system for high-value payments operated by a group of major banks.

 
 Embedded terms in definition
 Chips
Clearing
Clear
Fedwire
Financial intermediaries
Interbank
Wire transfer
 
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