Tech bytes: Silver Anniversary For Chips System

NEW YORK - On April 6, the New York Clearing House Interbank Payment System, better known as Chips, celebrated its 25th anniversary.

The anniversary also marked the 6,261st consecutive day that Chips settled successfully.

The large-dollar funds transfer system averages 200,000 transactions worth more than $1.2 trillion daily.

Chips processes and settles 95% of all dollars transferred in international commerce.

In its 25-year history, Chips has successfully processed nearly $2.4 quadrillion, or $2,375,637,387,864,000. These transactions include foreign trade payments, foreign exchange, securities settlements, and Eurodollar transactions.

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