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CHIPS Rules and Administrative Procedures, March 2012

IP.com Disclosure Number: IPCOM000242140D
Original Publication Date: 2012-Mar-01
Included in the Prior Art Database: 2015-Jun-19

Publishing Venue

Undisclosed

Abstract

Rules governing The Clearing House Interbank Payments System. The Clearing House Interbank Payments System, designed to facilitate payments among its Participants, will receive and transmit payment messages pertaining to the transfer of funds among such Participants in accordance with the rules and regulations prscribed by the Board of Managing Directors of The Clearing House Payments Company L.L.C.

This text was extracted from a PDF file.
This is the abbreviated version, containing approximately 4% of the total text.

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Rules and Administrative Procedures March 2012



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Copyright © 2012, 2011, 2009, 2006, 2005, 2004, 2003, 2001 by The Clearing House Payments Company L.L.C.

All rights reserved.


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RULES GOVERNING THE

CLEARING HOUSE INTERBANK PAYMENTS SYSTEM

TABLE OF CONTENTS

Rule 1. Definitions of Terms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Rule 2. Delivering, Storing, Releasing, and

         Receiving Payment Messages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Rule 3. Choice of Law . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Rule 4. Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Rule 5. Available Officer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Rule 6. Location of Connection . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Rule 7. Primary and Back-up Computer Facilities . . . . . . . . . . . . . . . . . . . . 6
Rule 8. Formats and Reports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Rule 9. Account Identification Numbers; Customer Information Security. . 7 Rule 10. Beneficiary Identification; Qualification

         of Payment Messages; Indemnity upon Authorized Payment . . . . . 8
Rule 11. Monthly Assessments and Charges . . . . . . . . . . . . . . . . . . . . . . . . . 9
Rule 12. Prefunded Balance Account and Current Positions. . . . . . . . . . . . . 9
Rule 13. Settlement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Rule 14. Relationships Pursuant to CHIPS Prefunded

         Balance Account Agreement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Rule 15. No Liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
Rule 16. Fraudulent Transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
Rule 17. Emergencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
Rule 18. Time Schedules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
Rule 19. Participant Requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
Rule 20. System Inquiry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Rule 21. CHIPS Administrative Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Rule 22. Final Clearing Guideline . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28


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REFERENCE: SECTION 3.5 OF THE LIMITED LIABILITY COMPANY AGREEMENT OF THE CLEARING HOUSE PAYMENTS COMPANY L.L.C.

(As Amended Through March 8, 2012)

    The Clearing House Interbank Payments System, designed to facilitate payments among its Participants, will receive and transmit payment messages pertaining to the transfer of funds among such Participants in accordance with the rules and regu...