The Clearing House had originally scheduled to switch to ISO 20022 in November 2023, but it postponed the change at participant request and in response to comparable delays from global network providers.

Numerous advantages are promised by ISO 20022, such as enhanced data content (e.g., extended remittance information), more effective processing of payments, and the capacity to query structured message formats for purposes such as compliance screening and sanctions.

The migration also improves the efficiency and informational quality of cross-border payments by bringing Chips messages into line with other international high-value payment systems' message formats.

After completing its first day of operation on Monday, April 8, the Chips network released 555,345 payments totaling $1.81 trillion in value using the ISO 20022 message format.

Thomas Halpin, Head of Global Payment Solutions, HSBC, North America, says, "We are excited to implement ISO 20022, as it will improve payment transparency and accelerate payment delivery with its increased data load and structured content, resulting in a better experience for our clients, Chips participants, and the industry."