19 October 2017
Find out more

Chips opens up to SwiftNet

26 February 2004  |  4109 views  |  0 global_2

New York's bank-owned Clearing House Interbank Payment System (Chips) is to begin accepting large value payments transmitted via interbank network SwiftNet.

Chips, which processes $1.3 trillion per day in US dollar transactions, is preparing to migrate from its current X.25 line to a private TCP/IP network. The move, which is scheduled for completion by year-end 2004, will give banks the flexibility to connect to Chips and associated payment systems over standard connections provided by either The Clearing House or by Swift.

Don Monks, senior EVP of The Bank of New York describes the initiative as a milestone in standardising the international large value payments infrastructure. "Having both options available raises the bar in the area of business continuity and resiliency for all payment systems."

John Mohr, Chips chief operating officer says the new network options are part of the utilitie's strategy to Internet and IP-enable all of its payment systems.
KeywordsTELECOMMS

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Verwaltungs- und Privat-Bank selects SunGard's Mint for move to SwiftNet

Verwaltungs- und Privat-Bank selects SunGard's Mint for move to SwiftNet

16 February 2004  |  3491 views  |  0 comments
Banque et Caisse d'Epargne de l'Etat connects to SwiftNet with Infonet

Banque et Caisse d'Epargne de l'Etat connects to SwiftNet with Infonet

14 January 2004  |  2871 views  |  0 comments
Swisscom selects SunGard for move to SwiftNet IP network

Swisscom selects SunGard for move to SwiftNet IP network

08 January 2004  |  4626 views  |  0 comments
Swift passes two billion message milestone

Swift passes two billion message milestone

05 January 2004  |  4307 views  |  0 comments
Swift acts to ease IP upgrade burden with new pricing package

Swift acts to ease IP upgrade burden with new pricing package

20 October 2003  |  3404 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.innotribe.comvisit www.fivedegrees.nl

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
15824 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
8954 views comments | 16 tweets | 22 linkedin
satelliteGates Foundation backs Ripple collaboratio...
8051 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
7147 views comments | 9 tweets | 17 linkedin
Santander InnoVentures leads $6m funding round for Mexico's ePesosSantander InnoVentures leads $6m funding r...
6288 views comments | 6 tweets | 3 linkedin

Featured job

Competitive base, commission, benefits
London, UK

Find your next job