Chips fluid stands for the clearing organization of interbank settlements Universal ID system. It’s just a fancy name for an electronic database system center of information exchange, which facilitates the transfer of funds from individual consumers and organizations. This is the server portion of the automated clearing house network (ACH), which is administered by the National Association of automated clearing houses. It provides a platform that allows exchanges will take place quickly and efficiently.
As the chips uid System is working
Developed in the 1970-ies, the key to the system chips of the liquid is that its database contains all the necessary information to identify specific participants, such as name, address, routing number, account number, etc., However, all this information is kept confidential within the system and the information of each participant is associated with a six-digit code, called chips liquid.
Because the chips uid number can be used in the clearing system, to search the necessary information of Bank payment recipient (e.g. routing number and account number), payment orders can be entered into the system, simply by chips uid number. This simplicity reduces the likelihood of errors when you enter transactions and speeds up the process for all parties.
In addition, because the chips uid number is linked (but not opens) banking information such as account number, the structure of the clearing system prevents the Biller to know the Bank details of the payer. This increases the security and privacy of the system. System chip coolant processes, both internal and international transactions and has long been the primary method of moving U.S. dollars among world banks.