Pakistani bank joins global payment network

According to the latest reports Habib Bank Ltd. (Karachi, Pakistan) joined CHIPS, the large dollar, real-time wire payments system operated by The Clearing House Payments Co. Habib is the first bank in Pakistan to implement CHIPS solution.

CHIPS practices a policy of expanding its membership base to meet the global needs of its banks. Thus the addition of Habib into the CHIPS members list goes in line with its aspirations. Since June CHIPS invited two banks with Habib being the second. Earlier Mashreqbank (Dubai, United Arab Emirates) connected to the network.

"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, in a statement. "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."