WHAT IS CHIP? HOW MANY TYPES OF CHIPS?
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CHIPS stand for clearing House for international payment system.
chips form the primary US network for large value domestic and international usd payment.it processes approx 95% of the usd denominated payment between countries including trade relatedpayments and foreign exchange interbank trades.the largest banks dealing in USD participate in CHIPS. about 70% of these are non resident bank.smaller banks have account at chips-participating banks to send and receive payments.it involving around 250000 interbank payment.
chips form the primary US network for large value domestic and international usd payment.it processes approx 95% of the usd denominated payment between countries including trade relatedpayments and foreign exchange interbank trades.the largest banks dealing in USD participate in CHIPS. about 70% of these are non resident bank.smaller banks have account at chips-participating banks to send and receive payments.it involving around 250000 interbank payment.
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