CITIC Bank International Limited, a member of the China CITIC Bank Group, is now using CHIPS, the real-time, large dollar payments system operated by The Clearing House.

“Participation in CHIPS enables CITIC Bank International to support its global expansion and provide clients with a wire transfer platform that is reliable, secure and cost-effective,” said Peter Zhao, Head of the U.S. Operations of CITIC Bank International Limited. “By joining CHIPS, CITIC Bank International will have an opportunity to accelerate the growth of its dollar clearing business.”

The industry standard in clearing and settling payments for 40 years, CHIPS plays an integral role in facilitating global liquidity. Serving 50 banks representing 22 countries, CHIPS is responsible for approximately 95% of international USD clearing. It processes 350,000 wire payments daily with a total value of USD1.5 trillion.

CITIC Bank International Ltd is one of five Chinese financial institutions on CHIPS.