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.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.