Habib Bank Ltd. (Karachi, Pakistan) has become the first bank in Pakistan to join CHIPS, the large dollar, real-time wire payments system operated by The Clearing House Payments Co.
The participation of Habib is part of a CHIPS initiative to expand membership to meet the increasingly global needs of its banks. It is the second bank to connect to the network since June, when Mashreqbank (Dubai, United Arab Emirates) joined.
"CHIPS is a world-class wire transfer system that provides Habib Bank Limited with the capability to clear and settle payments quickly and at a reduced cost," said Faiq Sadiq, Country Manager, Habib Bank Limited USA, in a statement. "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."