The primary clearing house in the U.S. for large banking transactions. CHIPS settles over of trades per day, valued in excess of $1 trillion. CHIPS and. The Clearing House Interbank Payments System (CHIPS) is a United States private clearing house for large-value transactions. By it was settling well over Differences with Fedwire · Members · See also · References. CHIPS uses a sophisticated liquidity savings mechanism to provide fast, final offsetting capability helps banks clear more, larger payments using fewer dollars.