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
Financial intermediaries
Wire transfer
 Related Terms

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Beware of fraud originating in phone messages and faxes: FDIC Consumer News has warned before about crooks who call or e-mail consumers and pretend to be legitimate companies or government agencies wanting people to "verify" or "resubmit" (divulge) confidential information such as bank account or credit card numbers as well as Social Security numbers, passwords and personal identification numbers. Here are variations to know about. More...

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