Habib Bank Limited, the largest private sector bank in Pakistan, is now using CHIPS, the real-time, large dollar payments system operated by The Clearing House Payments Company. Habib Bank Limited is the first bank in Pakistan to connect to CHIPS.

"CHIPS is a world-class wire transfer system that provides Habib Bank Limited with the capability to clear and settle payments quickly and at a reduced cost," said Faiq Sadiq, Country Manager, Habib Bank Limited USA. "Connecting to the CHIPS network is not only safe and secure, but also offers Habib Bank Limited the capability to serve the global needs of its business customers."

The participation of Habib Bank Limited is part of CHIPS' initiative to serve the increasingly global needs of banks.

"In an increasingly global economy, financial institutions and their customers need wire transfer capabilities that can help them conduct business anywhere in the world," said Hank Farrar, Senior Vice President of The Clearing House, responsible for CHIPS. "CHIPS is committed to helping institutions and their customers achieve their strategic business objectives by providing a premier wire transfer solution used by the world's largest banks and corporations. Using CHIPS for its payments needs will also give Habib Bank Limited the opportunity to maximize their liquidity."

CHIPS () is the world's premier private-sector USD wire transfer system. CHIPS streamlines operations for financial institutions, with features such as multilateral netting -- a patented process that maximizes 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.

About Habib Bank Limited

Habib Bank Limited or HBL is Pakistan's oldest and largest private sector commercial bank with a balance sheet size of over USD 10Bn. Through its business groups and subsidiaries, HBL offers a range of banking and other financial services including Corporate, Commercial and Consumer lending, Project and Trade Financing, Bancassurance, Asset Management, Currency Exchange and various other services to individual and business customers. HBL has the strongest Retail Banking network in Pakistan and enjoys a strong leadership position in the Corporate Banking sector. HBL has an aggressive Investment Banking group that provides project advisory and funding to corporate mergers and acquisitions, underwriting, privatizations, and securitization. The bank's presence in 25 countries gives it the largest international presence among Pakistani banks. HBL caters to people from all walks of life and its dedication to the customer base is evinced in the successful nurturing of over 5 million relationships. The Bank was founded in 1941 and is headquartered in Karachi, Pakistan. In February 2004, HBL's majority shareholding (51%) and management control was acquired by the Aga Khan Fund for Economic Development (AKFED).

The Clearing House and CHIPS

Formed by banks more than 150 years ago, The Clearing House operates payment systems infrastructure and facilitates forums for the U.S. banking industry. The Clearing House clears and settles more than 40 million check and electronic payments with a value of $2.4 trillion each day for financial institutions in the U.S. and around the world. The Clearing House's strategic forum brings together financial institutions to discuss and take action on payments industry issues, while its bank association addresses legal and regulatory matters of critical importance to its members. CHIPS () provides real-time, final payments to the largest financial institutions for their customers in the U.S. and around the world. It features multilateral netting with payments finality -- a patented process that maximizes the use of liquidity -- and supports the inclusion of large amounts of invoice information with payments in universally accepted standards.

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Related:  Bank - Habib Bank - Chips - Clearing House