CHIPS Offers Internet-Based Features and Reporting
The US Clearing House Interbank Payments System (CHIPS) has implemented several Internet-based enhancements to provide improved access to the system and Internet-based management reporting. ‘We are making CHIPS, and all our payment systems, Internet-enabled,’ said Al Wood, Clearing House Senior Vice President of Technology and Operations. ‘The Internet enhancements allow financial institutions to inexpensively connect to our systems anywhere, any time, while preserving CHIPS’ requirements for security and reliability.’ The first web-based application is Supplemental Funding, which allows participants to fund and prioritize selected payments for immediate clearing. CHIPS has also implemented online management reports, which up until now have been available only on custom-programmed terminal interfaces. Financial institutions can now use the Web to log on to see their position relative to their trading partners, inquire on the status of CHIPS payments and to manage other aspects of their interaction with the CHIPS system, according to The Clearing House.