CITIC Bank International, a member of the China CITIC Bank Group, has joined CHIPS payments system, operated by The Clearing House, for wire payments.

CHIPS provides payments settlement and clearing services to financial institutions. It serves 50 banks representing 22 countries.

Peter Zhao, head of the US operations of CITIC Bank International, said: “Participation in CHIPS enables CITIC Bank International to support its global expansion and provide clients with a wire transfer platform that is reliable, secure and cost-effective. By joining CHIPS, CITIC Bank International will have an opportunity to accelerate the growth of its dollar clearing business.”

Ray Mulhern, senior vice president of The Clearing House, responsible for CHIPS product management and strategy, said: “CHIPS provides CITIC Bank International with an opportunity to expand its wire payments business by meeting the increasingly global needs of its customers.

“The liquidity leverage, resiliency and operational efficiencies of CHIPS have long been recognized by the world’s major banks. CHIPS remains committed to helping domestic and international financial institutions and their customers operate in today’s global economy.”