Clearing House Interbank Payment System

Definitions

Computing

  • noun an electronic system for international dollar payments and currency exchanges

Forex

  • A clearing house used in the United States for most large transactions between banks, similar to and in competition with the Fedwire funds service. The Clearing House Interbank Payment System, or CHIPS, is privately owned by a consortium of banks, and is cheaper than the Fedwire system, but does not complete transfers as rapidly.
http://www.dictionarycentral.com/definition/clearing-house-interbank-payment-system.html