United Arab Emirates-based Mashreqbank has moved over to CHIPS, the real-time, large dollar payments system operated by The Clearing House Payments Company.

"CHIPS enables Mashreqbank to clear and settle payments faster and less expensively than it has in the past," said Ricardo Benitez, Client Services Manager of Mashreqbank.

The participation of Mashreqbank is part of CHIPS' broader initiative to serve the increasingly global needs of banks in emerging economies around the world.

CHIPS claims to be the world's largest private-sector US dollar wire transfer system. It streamlines operations for financial institutions, with features such as multilateral netting - a patented process that maximises the use of liquidity without daylight overdraft charges.

A single dollar in the CHIPS system turns over on average 600 times a day and is used by the netting process to clear payments throughout the day.