CHIPS, the real-time, final payments system operated by The Clearing House Payments Company, today announced the expansion of its Network Partners Program to make CHIPS easily accessible by all financial institutions.
"The benefits of CHIPS are clear. However, until now it's been difficult for some financial institutions to make a business case for implementing CHIPS because custom software solutions were often needed," said Hank Farrar, Senior Vice President of The Clearing House, responsible for CHIPS. "CHIPS Network Partners Program increases access to the world’s premier funds transfer system by providing cost-effective turnkey interface solutions that significantly improve the economics and simplify implementation."
CHIPS interface software is now available through the following partners:
- Dovetail Systems
- IntraNet Worldwide
- Misys Banking Systems
IntraNet Inc. was the first CHIPS Network Partner. "We were delighted to be the first vendor of payment processing software to offer this joint program with CHIPS and to have the first new customer, BB&T, sign up for this exciting program," said Paul Morris, Senior Vice President for IntraNet Worldwide.
Financial institutions have been asking for ways to add CHIPS to their funds transfer options to take advantage of its capabilities and to add resiliency to their Fedwire operations. CHIPS also provides unique business-to-business electronic payments features, such as the ability to carry remittance data with the payment. Providing remittance information with the payment is an increasingly important capability as corporations automate their accounts payable and receivable functions.
CHIPS, the Network Partner and the financial institution work together to develop a business case that identifies the strategic, operational and financial benefits of making payments through CHIPS. The implementation is managed by experts at both CHIPS and the Network Partner, who are experienced at implementing CHIPS in the U.S. and around the world.
"CHIPS Network Partners Program helps institutions find the right solution at the right price to leverage the benefits of CHIPS," Farrar said. "It's just one more way we are making it easier to access CHIPS."
CHIPS is also improving access to the system with multiple connectivity options. CHIPS Private IP Network and SWIFTNet connectivity are now both available to give financial institutions flexibility, cost-effectiveness and resiliency. "Financial Institutions can choose one or both connectivity options for additional resiliency," said Al Wood, Executive Vice President of The Clearing House responsible for Technology. "And either one can be primary or the back-up."