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Industry-owned US payments consortium The Clearing House which operates Clearing House Interbank Payments System (CHIPS) network has extended the time that the network closes for receipt of new payment messages from 5 p.m. to 6 p.m. ET.
The press noted that the survey of CHIPS participants “indicated strong support for extending operating hours and the CHIPS Business Committee, which includes representatives from CHIPS network participants, approved the decision”. It also noted that this extension is a step towards “larger strategic aspirations to operate CHIPS 24×7”.
The press release noted that CHIPS is the largest private-sector USD clearing and settlement system in the world which settles an average of $1.8 trillion in payments per day on a comparatively small funding base.