The New York Clearing House Association on Monday said it has successfully completed year-2000 testing of its Interbank Payments System.

The system, called Chips, is a large value funds-transfer system, clearing and settling $1.2 trillion a day. The dollar-clearing system handles one-fifth of all funds transferred in the world, including international trade payments and foreign exchange settlements.

The test was held to assure the safe transfer of funds around the world. It involved 34 national and international payments systems in 19 countries.

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