China Merchants Bank Connects to Chips for Wire Payments
China Merchants Bank (CMB), the first Chinese bank to establish a branch in the US, is now using Chips, the real-time, large-dollar payments system operated by The Clearing House Payments Company (CHPC). CMB is the third international bank to connect to CHIPS in the past year.
“China Merchants Bank is linking to CHIPS because of its proven capability to clear and settle payments quickly, securely and at low cost,” said Hui Fang, general manager of CMB’s New York Branch. “CHIPS enables CMB to meet the growing international needs of its customers.”