About The Clearing House
The Clearing House operates U.S.-based payments networks that clear and settle more than $2 trillion each day through wire, ACH, check image, and real-time payments. It is the nation’s most experienced payments company, with a long track record of providing secure and reliable systems, payments innovation, and strategic thought leadership to financial institutions. Learn more at www.theclearinghouse.org.New York –The CHIPS® network, the largest private-sector high-value clearing and settlement system in the world, which is operated by The Clearing House, successfully migrated to the ISO 20022 message format on the April 8 banking day. The adoption of the ISO 20022 message format by the CHIPS network enhances the efficiency of payments processing; allows participants and end-user customers to glean value from enriched data content, such as extended remittance information; enables users to query structured message formats for multiple purposes, including sanctions and compliance screening; and supports the dollar as a global reserve and settlement currency.
On Monday, April 8, the CHIPS network concluded its first day of operations on the ISO 20022 message format, releasing 555,345 payments for a value of $1.81 trillion.
“These figures exceed expectations for volume and value for Day 1 and parallel a typical operating day on the CHIPS network,” said Margaret Weichert, Chief Product Officer, The Clearing House. “They reflect confidence in the performance of the CHIPS ISO 20022 platform and the promise that the new message format will deliver meaningful benefits to participants and customers.”
The CHIPS network’s migration to the ISO 20022 message format follows parallel migrations of high-value payment systems in other jurisdictions. ISO 20022 is the international standard for financial messaging developed by the International Organization for Standardization (ISO) with the goal to create a common language for financial communications globally.
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