CHIPS cleared and settled 1,083,550 payments valued at $2.63 trillion, setting a new daily volume record.
, /PRNewswire/ — The CHIPS® network, the largest private-sector high-value clearing and settlement system in the world which is operated by The Clearing House, set a new record for transaction volume on Black Friday by clearing and settling 1,083,550 payments valued at $2.63 trillion.
There are several factors that contributed to Black Friday’s record volume. The CHIPS network is the premier USD clearing and settlement system for international payment activity, with 95% of CHIPS payments being the U.S. dollar leg of a funds transfer that begins or ends in another country. Many transactions on Friday, November 29, originated from foreign banks that do not observe the U.S. Thanksgiving holiday. These transactions could not be sent through wire systems in the U.S on Thanksgiving and, thus, were part of the extra volume on Friday. The CHIPS network also tends to see higher volumes on the last business day of …