CITIC Bank International Limited Joins CHIPS for Wire Payments

NEW YORK, July 28 /PRNewswire/ -- 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. CITIC Bank International Ltd is one of five Chinese financial institutions on CHIPS.

"CHIPS provides CITIC Bank International with an opportunity to expand its wire payments business by meeting the increasingly global needs of its customers," said Ray Mulhern, Senior Vice President of The Clearing House, responsible for CHIPS Product Management & Strategy.  "The liquidity leverage, resiliency and operational efficiencies of CHIPS have long been recognized by the world's major banks.  CHIPS remains committed to helping domestic and international financial institutions and their customers operate in today's global economy."

CHIPS processes 350,000 wire payments daily with a total value of USD1.5 trillion.  Features such as the netting algorithm – a patented process that maximizes the use of liquidity without incurring daylight overdraft charges – significantly streamline operations for financial institutions.  A single dollar of liquidity turns over up to 500 times a day in CHIPS aided by its netting process.

About CITIC Bank International Limited

With roots going back to 1922, CITIC Bank International, a member of the China CITIC Bank Group (CNCB) and part of the financial services business of the CITIC Group in Beijing, aims to build the CITIC commercial banking franchise into a world leading brand. Backed by the strengths of CNCB and strategic shareholder Banco Bilbao Vizcaya Argentaria, S.A. of Spain, we are CNCB's overseas platform for pursuing business expansion in Hong Kong, Asia and internationally.

For more information, please visit www.citicbankintl.com.

About The Clearing House

Established in 1853 and owned by 20 of the largest banks in the United States, The Clearing House is a leading private sector provider of payments settlement and clearing services to financial institutions worldwide.  The Clearing House processes nearly 66 million ACH, wire transfer, and image exchange transactions daily with an average U.S. dollar value of nearly two trillion.  

The Clearing House Association, an industry forum and advocacy group for large banks, has a long, distinguished history of providing an environment for the collaborative development of legal, regulatory and industry solutions. For more information, please visit www.theclearinghouse.org.  

SOURCE The Clearing House