Huntington Bank will have new capabilities to send and receive payments over the CHIPS network, which processes more than $2 trillion in payments daily and is operated by The Clearing House. Participation in CHIPS enhances Huntington’s ability to support high-value payment activity through a secure, reliable and well-established settlement infrastructure widely used by financial institutions globally. By minimizing the amount of capital required to support large-value payment activity, CHIPS also enables participating banks to redeploy liquidity into other productive uses such as lending, investment, and client financing.

“At Huntington, we drive our Payments strategy by putting our customers at the center of everything we do,” said Deepak Kapoor, Head of Payments Product, Huntington Bank. “Participating in the CHIPS network strengthens our ability to deliver reliable, high-value and scalable payment solutions to our clients and support their domestic payments needs, particularly in an increasingly dynamic economic environment.”

The CHIPS system continuously matches and offsets payments throughout the day, supporting the settlement of high volume of payments with a comparatively small funding base. This results in significant economic benefits for participants and their clients, including reduced operational friction and improved access to funds.

Financial institutions globally rely on the CHIPS network for the secure and final settlement of U.S. dollar payments for critical domestic and cross-border activity.

“The addition of Huntington Bank to the CHIPS network reflects the continued demand for liquidity-efficient, resilient and reliable payment infrastructure,” said Michael Knorr, Senior Vice President, CHIPS Product Management, at The Clearing House. “CHIPS enables participants to reduce funding demands while supporting growing payment volumes, creating meaningful economic value for banks and their clients.”

As the nation’s largest private-sector settlement system, the CHIPS network provides critical redundancy and liquidity efficiency that keep trillions of dollars moving each day. The CHIPS network enhances the resilience of the U.S. financial system, ensuring that critical high-value transactions can continue to flow without disruption.

The liquidity efficiency of the CHIPS network, where each dollar of funding supports $26 in settled payments, provides participants with flexibility to manage liquidity strategically while maintaining high throughput and performance. The CHIPS network provides network participants collectively with a daily average economic savings of $15.4 million, translating to annualized savings for participants on the network of approximately $5.5 billion.

As the CHIPS network continues to grow and evolve, The Clearing House remains focused on expanding participation and enhancing network capabilities, such as increased adoption of ISO 20022 standardized messaging and extended operating hours to deliver additional value to participants across the payments ecosystem.