The Clearing House's Chips private-sector high-value clearing and settlement system has migrated to the ISO 20022 messaging format.
The Clearing House had initially planned to move over to ISO 20022 in November 2023 but pushed the date back on the recommendation of participants and in the face of similar delays by network providers around the world.
ISO 20022 promises a host of benefits, including more efficient payments processing; enriched data content, such as extended remittance information; and the ability to query structured message formats for things like sanctions and compliance screening.
The migration also means Chips messages align with message formats used by other global high-value payment systems, boosting the efficiency and information content of cross-border payments.
On Monday, 8 April, the Chips network concluded its first day of operations on the ISO 20022 message format, releasing 555,345 payments for a value of $1.81 trillion.
“We are excited to implement ISO 20022, as it will improve payment transparency and accelerate payment delivery with its increased data load and structured content, resulting in a better experience for our clients, Chips participants, and the industry,” says Thomas Halpin, North America head, global payment solutions, HSBC.