CHIPS Average Daily Payment Value Rises 9% to Top $2 Trillion in 2025

CHIPS, operated by The Clearing House (TCH), is an interbank network for high-value U.S. dollar payments. By matching payments and using multilateral netting, it reduces the amount of liquidity financial institutions must set aside for individual transactions. Its transaction volume reflects global dollar-clearing activity, while its liquidity efficiency directly affects banks’ funding costs and cross-border payment capacity.

CHIPS’ average daily payment value rose 9% from the previous year to $2.014 trillion in 2025, signaling continued growth in demand for high-value dollar payments. TCH said the system’s matching and netting mechanisms improve banks’ use of liquidity and are estimated to save participating financial institutions about $5.5 billion in annualized costs.