0 1 5 ▁it ▁was ▁sett ling ▁well ▁over ▁US $ 1 . 5 ▁tr ill ion ▁a ▁day ▁in ▁around ▁ 2 5 0 , 0 0 0 ▁inter bank ▁pay ments ▁in ▁cross ▁border ▁and ▁domestic ▁transactions . ▁T ogether ▁with ▁the ▁Fed wire ▁Fund s ▁Service ▁( which ▁is ▁operated ▁by ▁the ▁Federal ▁Reserve ▁B anks ), ▁CH IP S ▁forms ▁the ▁primary ▁U . S . ▁network ▁for ▁large - value ▁domestic ▁and ▁international ▁US D ▁pay ments ▁where ▁it ▁has ▁a ▁market ▁share ▁of ▁around ▁ 9 6 %. ▁CH IP S ▁trans fers ▁are ▁govern ed ▁by ▁Article ▁ 4 A ▁of ▁Un iform ▁Com mer cial ▁Code . ▁ ▁Un like ▁the ▁Fed wire ▁system ▁which ▁is ▁part ▁of ▁a ▁regul atory ▁body , ▁CH IP S ▁is ▁owned ▁by ▁the ▁financial ▁institutions ▁that ▁use ▁it . ▁ ▁For ▁pay ments ▁that ▁are ▁less ▁time - sens itive ▁in ▁nature , ▁banks ▁typically ▁prefer ▁to ▁use ▁CH IP S ▁instead ▁of ▁Fed wire , ▁as ▁CH IP S ▁is ▁less ▁expensive ▁( both ▁by ▁charges ▁and ▁by ▁funds ▁required ). ▁ ▁One ▁of ▁the ▁reasons ▁is ▁that ▁Fed wire ▁is ▁a ▁real - time ▁gross ▁settlement ▁system , ▁while ▁CH IP S ▁allows ▁pay ments ▁to ▁be ▁n ett ed . ▁ ▁D iffer ences ▁from ▁Fed wire ▁ ▁CH IP S ▁diff ers ▁from ▁the ▁Fed wire ▁payment ▁system ▁in ▁three ▁key ▁ways . ▁First , ▁it ▁is ▁priv ately ▁owned , ▁whereas ▁the ▁Fed