The Clearing House
Bank-owned payments utility held by the largest US commercial banks, whose CHIPS system settled an average $2.014tn a day in 2025; it was reported in June 2026 to be building a shared tokenized deposit network for its owner banks.
The profile
Bank-owned payments utility organised in New York on 4 October 1853 and held today by the largest US commercial banks, among them JPMorgan Chase, Bank of America, Citigroup, BNY, Deutsche Bank, U.S. Bancorp and Wells Fargo. It operates CHIPS, the netting system for large-value dollar payments, which settled an average $2.014tn a day in 2025 against roughly $96bn of participant funding, a liquidity efficiency ratio of about 26 to 1 against an estimated $442bn that gross settlement of the same flow would require. It also operates the RTP network launched in 2017 and an ACH network. It was reported in June 2026 that the company will operate a shared tokenized deposit network for its owner banks, targeted for the first half of 2027, which would put programmable dollar balances inside insured deposit liabilities rather than in stablecoin issuers' reserves.
Products and services
- CHIPS
- Multilateral netting system for large-value dollar payments, averaging $2.014tn of daily settlement in 2025 on about $96bn of prefunding.
- RTP network
- Instant interbank payment rail launched in 2017, settling irrevocably outside conventional banking hours.
- Tokenized deposit network
- Planned shared ledger for owner banks' tokenized deposits, reported in June 2026 with a first-half 2027 target.
No development naming The Clearing House has yet been filed against a primary source. The register entry stands so the institution, its jurisdiction and its products are on the record.