CHIPS (Clearing House Interbank Payments System) and ACH (Automated Clearing House) are both wholesale electronic payment systems used for transferring large sums of money between financial institutions. They are not potato products, check clearing systems run by the Federal Reserve, retail payment systems in Europe, or international bank regulators.

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CHIPS and ACH Are

Question 22

Multiple Choice

CHIPS and ACH are

A) potato products of Frito Lay.
B) check clearing systems run by the Federal Reserve.
C) retail payment systems used in Europe.
D) international bank regulators.
E) wholesale electronic payment systems.

Correct Answer: