Citic Bank International Ltd., a member of the China Citic Bank Group, has begun using the Clearing House Interbank Payments System to support the bank’s wire-transfer payments, the Clearing House announced July 28.
The so-called CHIPS system, operated by The Clearing House Co. LLC, supports large-dollar wired funds transfers. Through the Clearing House payment system, Citic Bank can support its global expansion while providing clients with a secure, cost-effective and reliable wire-transfer platform, according to The Clearing House.
The Clearing House Interbank Payment System processes 350,000 wire payments daily and is responsible for 95% of international U.S. dollar clearing. Citic Bank is one of five Chinese financial institutions on the Clearing House network.