Citic Bank International Ltd., a member of the China Citic Bank Group, is now using the Clearing House Interbank Payments System to handle wire-transfer payments.

The Clearing House Payments Co. LLC said last week that Citic Bank is the fifth Chinese banking company to use its Chips network to carry high-value payments in dollars.

Peter Zhao, the Beijing financial company's head of U.S. operations, said in a press release from Clearing House Payments that working with Chips would help Citic expand globally.

And it would also give Citic an "opportunity to accelerate the growth of its dollar-clearing business," he said.

Chips processes more than 350,000 wire payments daily, including 95% of international U.S. dollar clearing.