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CHIPS

RTGS

Clearing House Interbank Payments System - US large-value payment system for USD. Clears and settles more than $2 trillion a day on average. Owned and operated by The Clearing House (TCH). Uses multilateral netting with RTGS finality - hybrid system. Final settlement via Fedwire. 43 direct participant banks. Also operated by TCH: RTP (instant payments). The Clearing House plans an On-Chain Money network for clearing and settling tokenized deposits, powered by Quant, with connectivity to CHIPS and RTP, expected to be available to participating institutions in the first half of 2027.

NowHours: computing from the published schedule…Service condition: not monitored details

ClearingPost does not assess whether CHIPS is running normally.

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Dated items ClearingPost holds, each with its source and whether the date is confirmed

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Material, sourced changes ClearingPost recorded; corrections to its own record are labelled as such

  • Data update
    CHIPS average daily transactions increased to 663,655 (2026 year to date through September) · CHIPS average daily value increased to $2.266T (2026 year to date through September)
    recorded 9 Oct 2026 · CHIPS Network Annual Volume & Value Statistics
  • Data update
    CHIPS average daily transactions increased to 660,894 (2026 YTD through August) · CHIPS average daily value increased to $2.245T (2026 YTD through August)
    recorded 26 Sep 2026 · CHIPS Annual Statistics
  • Data updateCHIPS headline volume increased to $2.014T
    $1.9T changed to $2.014T
    recorded 17 Sep 2026 · CHIPS network boasts daily payment growthsource ↗
  • Took effectCHIPS Rules and Administrative Procedures (June 4, 2026)

    Approved by the CHIPS Business Committee on 4 June 2026 and effective immediately. The changes allow Participants to connect to CHIPS through a VPN connection or to use a third-party service provider as a connectivity provider, and align the terminology of the Rules and Administrative Procedures with the Appendix Governing Electronic Access to CHIPS. Supersedes the edition effective 21 April 2025.

    took effect 4 Jun 2026 · The Clearing Housesource ↗
  • Took effectCHIPS Rules and Administrative Procedures (April 21, 2025)

    Approved by the CHIPS Business Committee on 5 March 2025 and effective 21 April 2025. Administrative Procedure 10 (Alternate Communication of Released Payments) adds CHIPS Web or, for a Participant that has not set up CHIPS Web access, secure email as ways for TCH to provide copies of released payment messages to a Participant that loses its connection to CHIPS and is unable to receive the messages before CHIPS closes for the day. Recorded from TCH's Compendium of CHIPS Rule Change Summaries. Superseded by the edition effective 4 June 2026.

    took effect 21 Apr 2025 · The Clearing Housesource ↗

Rules & documents

The rulebooks, operating rules and standards documents ClearingPost holds for CHIPS, each with its current version, or the latest published one when none is in force yet

Sources No status page recorded · 11 of 15 fields carry a source and a recorded date · latest sourced entry recorded 9 Oct 2026 · evidence details ↓

Record · CHIPS

Country
United States (US)
Currency
US Dollar (USD)
Operator
The Clearing House
Type
RTGS
Operating Window
14:00–23:00 UTC · Mon–Fri
Year Established
1970
Tier?
Tier 1
ISO 20022?
Migrated
Region
Americas
Settlement Type?
Hybrid
Participants
43
Avg Daily Transactions
663,655 (2026 year to date through September)
Avg Daily Value
$2.266T (2026 year to date through September)
Availability
9:00 AM - 6:00 PM ET
Notes

ffnews (May 19, 2026) describes CHIPS network as 'approximately 50 global financial institutions,' a broader characterization than the 43 direct participants count; likely includes subsidiaries and affiliated entities. Huntington's CHIPS membership followed its February 2026 merger with Cadence Bank, which expanded the institution to approximately $279 billion in total assets and 1,400 branches across 21 states. TCH SVP Richard Dzina quoted: 'There was a bit of a hiatus with respect to new participants joining CHIPS during the industry migration to ISO 20022... Huntington is in the leading wave of an emerging trend with respect to more adds to the CHIPS network.' As of July 8, 2026.

The Clearing House official website →
Reference Documents
CHIPS Rules and Administrative Proceduresoperating rules
The Clearing House · June 4, 2026 · Effective Jun 4, 2026
Latest recorded change

Approved by the CHIPS Business Committee on 4 June 2026 and effective immediately. The changes allow Participants to connect to CHIPS through a VPN connection or to use a third-party service provider as a connectivity provider, and align the terminology of the Rules and Administrative Procedures with the Appendix Governing Electronic Access to CHIPS. Supersedes the edition effective 21 April 2025.

Entry recorded Oct 8, 2026
View document →
See all RTGS systems →See all systems in United States →ISO 20022 migration status →Payment rails by country →
Other systems in the same country or region
FedwireRTGS
United States · USD · Federal Reserve
FedACH / NachaACH
United States · USD · Federal Reserve / Nacha
FedNowFPS
United States · USD · Federal Reserve
LynxRTGS
Canada · CAD · Payments Canada
SPEIHybrid
Mexico · MXN · Banco de Mexico
STRRTGS
Brazil · BRL · Banco Central do Brasil

Operations · CHIPS

Operational monitoring: not configured. ClearingPost does not monitor operational sources for this system and does not assess its current service condition.

Operations lists the systems ClearingPost monitors and the operational events it has recorded.

Intelligence for CHIPS (10)

Coverage whose headline or summary names CHIPS, or names its operator or country together with its system type. Each item quotes that evidence and says whether the source is the CHIPS operator or external.

NewsSep 30, 2026Headline names “CHIPS”
The Clearing House Selects Quant for Tokenized Deposit Network Linked to RTP and CHIPS
The operator of RTP and CHIPS picked Quant for its tokenized deposit network and expects it to be available to participating institutions in the first half of 2027. The 24 September release names no participating bank and does not identify the ledger.
Operator source · The Clearing House
NewsJun 12, 2026Summary names “CHIPS”
17 US Banks Commit to Clearing House Tokenized Deposit Settlement Network
TCH's blockchain-based deposit tokenization platform, backed by JPMorgan, Citigroup, Bank of America, and 14 other financial institutions, will connect on-chain settlements to existing CHIPS and RTP rails. The target launch is the first half of 2027.
External source · Ledger Insights
NewsJun 8, 2026Headline names “CHIPS”
The Clearing House to Operate Tokenized Deposit Network With Bridge to CHIPS and RTP
A consortium of seventeen US banks will build a shared tokenized deposit platform operated by The Clearing House, connecting on-chain settlement of commercial bank money to the existing CHIPS and RTP payment infrastructure.
External source · PRNewswire (The Clearing House)
AnalysisJun 5, 2026Headline names “CHIPS”
CHIPS Crosses $2 Trillion in Daily Value as Huntington Joins Network
Huntington National Bank became CHIPS's 43rd direct participant on May 19, 2026, following its merger with Cadence Bank. The network's continuous matching engine now settles payments for 43 clearing members, reducing required prefunding to roughly $96 billion against more than $2 trillion in gross throughput.
Operator source · The Clearing House
NewsMay 23, 2026Headline names “CHIPS”
Huntington National Bank Joins CHIPS as 43rd Direct Participant
CHIPS processed an average $2.014 trillion in daily value across 632,419 transactions in 2025. Daily net positions settle through Fedwire in central bank money.
External source · FFNews
AnalysisMay 15, 2026Headline names “CHIPS”
Fedwire and CHIPS Both Start Q1 2026 Above 2025 Baselines
First-quarter 2026 data from the Federal Reserve and The Clearing House shows both Fedwire and CHIPS running above their 2025 daily averages, with CHIPS posting stronger relative gains in settled value.
External source · Federal Reserve Financial Services
AnalysisApr 27, 2026Headline names “CHIPS”
Fedwire and CHIPS Settle Combined $6.9 Trillion Daily in Q1 2026
Q1 2026 data from the Federal Reserve and The Clearing House show both US large-value payment systems running above their 2025 full-year averages. CHIPS volume growth has outpaced Fedwire for the second consecutive year.
External source · Federal Reserve Financial Services
NewsApr 9, 2026Headline names “CHIPS”
CHIPS Averages $2 Trillion Daily Value in 2025 With 12 Percent Volume Growth
The system's multilateral netting algorithm generated $15.4 million in daily liquidity savings during the year. That was up from $14.3 million in 2024. Annualized savings totaled approximately $5.6 billion across 42 direct participants.
External source · PYMNTS
AnalysisMar 26, 2026Summary names “CHIPS”
Fedwire's 22x6 Expansion: Near-Continuous USD Settlement Targeted for 2028-2029
The Federal Reserve's decision to extend Fedwire Funds Service to 22 hours per day, six days per week positions the United States to close structural gaps in global USD settlement availability, with direct implications for CHIPS netting cycles and cross-border payment flows across Asian and European time zones.
External source · Federal Reserve Board
NewsNov 28, 2025Headline names “CHIPS”
CHIPS Sets All-Time Volume Record: 1.21 Million Payments, $2.97 Trillion in Single Day
November 2025's daily average hit 693,000 payments, the highest monthly average on record.
Operator source · The Clearing House

Wider coverage that mentions CHIPS (3)

These articles mention CHIPS in their text but not in their headline or summary, so they are listed as context rather than as CHIPS intelligence.

AnalysisApr 1, 2026Text mentions “CHIPS”
Fedwire Joins Global Push for Near-Continuous RTGS Settlement
The Federal Reserve's confirmed expansion of Fedwire to 22 hours per day across six days per week, planned for implementation from 2028, adds the United States to a growing list of jurisdictions extending large-value settlement windows beyond traditional banking hours.
External source · Federal Register
NewsMar 23, 2026Text mentions “CHIPS”
SWIFT Structured Address Mandate Looms as Industry Surveys Reveal a Third of Payment Providers Unprepared
Industry surveys reveal that only a third of payment service providers are fully prepared for the November 2026 SWIFT CBPR+ structured postal address mandate, while nearly half of banks report that their customer address data remains in legacy unstructured formats. The readiness gap raises operational risk for cross-border payment processing across every major RTGS system that connects to the SWIFT network.
External source · SWIFT
GuideMar 11, 2026Text mentions “CHIPS”
DNS, RTGS, and Hybrid Settlement: How Payment Systems Actually Clear and Settle
Understanding these models is essential for anyone working in payments - whether you are integrating with a new market's infrastructure, evaluating settlement risk, or simply trying to understand why a payment "cleared" but hasn't "settled.".
External source · BIS CPMI