SWIFT (Society for Worldwide Interbank Financial Telecommunication)
SWIFT is the Society for Worldwide Interbank Financial Telecommunication, a member-owned cooperative through which the financial world conducts its business operations with speed, certainty and confidence. More than 10,000 banking organisations, securities institutions and corporate customers in 212 countries trust us every day to exchange millions of standardised financial messages.
CHIPS (The Clearing House Interbank Payments System) is an electronic payments system that transfers funds and settles transactions in U.S. dollars.
CHIPS is both a customer and a competitor of the Federal Reserve’s Fedwire service.
The average daily value of CHIPS transactions is about $1.2 trillion a day.
FEDWIRE: Fedwire Funds Service, a real-time gross settlement system that enables participants to initiate funds transfer that are immediate, final, and irrevocable once processed. Depository institutions and certain other financial institutions that hold an account with a Federal Reserve Bank are eligible to participate in the Fedwire Funds Services.
The Fedwire Funds Service is a credit transfer service. Participants originate funds transfers by instructing a Federal Reserve Bank to debit funds from its own account and credit funds to the account of another participant. Participants may originate funds transfers online, by initiating a secure electronic message, or off line, via telephone procedures.
SIC (The SIC franc payment system)
The major payment system in Switzerland enables institutions worldwide to process almost all interbank liabilities from large-value to retail transactions in Swiss francs rapidly and securely.
SIX Interbank Clearing operates the payment system SIC on behalf of and under the supervision of the Swiss National Bank. The system processes Swiss franc payments between financial institutions in real time on a gross settlement basis.
Cheque Clearing System
Automated Clearing House (ACH)