June 19, 2008
Mashreqbank Connects to CHIPS for Wire Payments
NEW YORK, June 19 /PRNewswire/ -- Mashreqbank, the largest private bank in the United Arab Emirates and the second oldest in the country, is now using CHIPS, the real-time, large dollar payments system operated by The Clearing House Payments Company.
"CHIPS enables Mashreqbank to clear and settle payments faster and less expensively than it has in the past," said Ricardo Benitez, Client Services Manager of Mashreqbank. "CHIPS is a world-class platform that provides Mashreqbank with new capabilities to meet the bank's growing volume of wire transfer payments safely and securely."
CHIPS (http://www.chips.org/) is the world's premier private-sector USD wire transfer system. CHIPS streamlines operations for financial institutions, with features such as multilateral netting -- a patented process that maximizes the use of liquidity without daylight overdraft charges. A single dollar in the CHIPS system turns over on average 600 times a day and is used by the netting process to clear payments throughout the day.
The participation of Mashreqbank is part of CHIPS' broader initiative to serve the increasingly global needs of banks in emerging economies around the world.
"Mashreqbank is a fast-growing institution that was looking for a wire transfer solution that could help manage its rapidly expanding volume of payments," said Hank Farrar, Senior Vice President of The Clearing House, responsible for CHIPS. "By connecting with CHIPS, Mashreqbank will significantly reduce costs and will benefit from a system that delivers payments finality in a totally secure environment."
For more information about CHIPS, contact Maddy Fiorillo, Vice President, 212.613.0104, [email protected]
Mashreq is the largest private bank in the UAE and also the second oldest. Founded in 1967 as Bank of Oman, the bank has played a pioneering role in the industry, particularly in retail banking. Among its many firsts it was the first to launch such products as travellers' cheques, credit cards and ATMs. Mashreq has received numerous international awards, particularly for quality management. According to independent research it has more ISO certifications than any bank in the region by a wide margin. As a leading financial Institution in the UAE Mashreq aims to be world class in every facet of its business, including its social responsibility to the community it serves. Towards this goal the bank pays particular attention to recruiting, training, developing and retaining UAE National employees.
The Clearing House and CHIPS
Formed by banks more than 150 years ago, The Clearing House operates payment systems infrastructure and facilitates forums for the U.S. banking industry. The Clearing House clears and settles more than 40 million check and electronic payments with a value of $2.4 trillion each day for financial institutions in the U.S. and around the world. The Clearing House's strategic forum brings together financial institutions to discuss and take action on payments industry issues, while its bank association addresses legal and regulatory matters of critical importance to its members. CHIPS (http://www.chips.org/) provides real-time, final payments to the largest financial institutions for their customers in the U.S. and around the world. It features multilateral netting with payments finality -- a patented process that maximizes the use of liquidity -- and supports the inclusion of large amounts of invoice information with payments in universally accepted standards. For more information, visit http://www.theclearinghouse.org/.
The Clearing House
Web site: http://www.theclearinghouse.org/