Clearing House Interbank Payments System

The Clearing House Interbank Payments System (CHIPS) is a United States private clearing house for large-value transactions. By 2010 it was settling well over US$1 trillion a day in around 250,000 interbank payments. Together with the Fedwire Funds Service (which is operated by the Federal Reserve Banks), CHIPS forms the primary U.S. network for large-value domestic and international USD payments (where it has a market share of around 96%). CHIPS transfers are governed by Article 4A of Uniform Commercial Code.