In addition to improving cross-border payment processing efficiency, the CHIPS network's deployment of ISO 20022 messages, which went live on April 8 banking day, also enables participants and end-user customers to derive value from expanded data content.

Richard Dzina, Senior Vice President, Product Development, The Clearing House, said, "We congratulate Crédit Agricole Corporate & Investment Bank and MUFG for completing the first payment in the ISO 20022 message format on CHIPS, the first high-value payment system in the United States to adopt an ISO 20022 message format." "We also want to express our gratitude to everyone who contributed to the CHIPS network and helped make the migration of the ISO 20022 message format a huge success."

After utilizing the ISO 20022 message format for the first time on Monday, April 8, the CHIPS network released 555,345 payments totaling $1.81 trillion.

The USD leg of a money transfer that starts or finishes in another nation makes up 95% of CHIPS payments, making the network the leading clearing and settlement system for U.S. dollars (USD) used in international payments. The International Organization for Standardization (ISO) created ISO 20022 as the international standard for financial messaging with the intention of establishing a common language for financial communications worldwide.

The effective transition of CHIPS messages to those compliant with the ISO 20022 standard has resulted in a significant improvement in the information content and efficiency of cross-border payments, as these messages now match the message formats utilized by other international high-value payment systems.

Out of all the major large-value payment systems in the world, the CHIPS network has the highest liquidity efficiency and settles $1.8 trillion in payments on average every business day. In 2023, the CHIPS network's average liquidity efficiency was 26:1, which means that for every $1 in funding, the network could support $26 in resolved payment value.