CHIPS is a secure, reliable way to make wire payments to other businesses and individuals. When a timely payment is really important it’s best to ‘let your bank decide’ whether it should go via CHIPS or Fedwire. That’s because the wire room in a bank is always monitoring the activity on the payment system and can best determine which payments channel will get the payment made most efficiently.
With CHIPS and Fedwire, you get fast, final payments from proven, reliable, secure systems. Which one is best for sending or receiving your payment depends on your bank, the time of day, the receiving bank, or any number of other variables.
Take time to learn more about CHIPS from this website or contact your banker.
Click here to view how CHIPS works.