Pakistan-based Habib Bank is now using The Clearing House Interbank Payments System, a dollar payments system operated by The Clearing House Payments Company.

The Clearing House Payments Company has said that the participation of Habib Bank is part of The Clearing House Interbank Payments System’s (CHIPS’) initiative to serve the increasingly global needs of banks.

Faiq Sadiq, country manager of Habib Bank for USA, said: CHIPS is a world-class wire transfer system that provides Habib Bank with the capability to clear and settle payments quickly and at a reduced cost. Connecting to the CHIPS network is not only safe and secure, but also offers Habib Bank Limited the capability to serve the global needs of its business customers.

Hank Farrar, senior vice president of The Clearing House, responsible for CHIPS, added: CHIPS is committed to helping institutions and their customers achieve their strategic business objectives by providing a premier wire transfer solution used by the world’s largest banks and corporations. Using CHIPS for its payments needs will also give Habib Bank the opportunity to maximize their liquidity.