▁is ▁part ▁of ▁a ▁regul atory ▁body . ▁ ▁Second , ▁it ▁has ▁ 4 7 ▁member ▁participants ▁( with ▁some ▁merged ▁banks ▁const itut ing ▁separate ▁participants ), ▁compared ▁with ▁▁ 9 , 2 8 9 ▁bank ing ▁institutions ▁( as ▁of ▁March ▁ 1 9 , ▁ 2 0 0 9 ) ▁el ig ible ▁to ▁make ▁and ▁receive ▁funds ▁via ▁Fed wire . ▁ ▁Third , ▁it ▁is ▁a ▁net ting ▁engine ▁( and ▁hence , ▁not ▁real - time ). ▁ ▁A ▁net ting ▁engine ▁cons olid ates ▁all ▁of ▁the ▁pending ▁pay ments ▁into ▁fewer ▁single ▁transactions . ▁For ▁example , ▁if ▁Bank ▁of ▁America ▁is ▁to ▁pay ▁American ▁Express ▁US $ 1 . 2 ▁million , ▁and ▁American ▁Express ▁is ▁to ▁pay ▁Bank ▁of ▁America ▁$ 8 0 0 , 0 0 0 , ▁the ▁CH IP S ▁system ▁aggreg ates ▁this ▁to ▁a ▁single ▁payment ▁of ▁$ 4 0 0 , 0 0 0 ▁from ▁Bank ▁of ▁America ▁to ▁American ▁Express ▁— ▁only ▁ 2 0 % ▁of ▁the ▁$ 2 ▁million ▁to ▁be ▁transferred ▁actually ▁changes ▁hands . ▁The ▁Fed wire ▁system ▁would ▁require ▁two ▁separate ▁pay ments ▁for ▁the ▁full ▁amounts ▁($ 1 . 2 ▁million ▁to ▁American ▁Express ▁and ▁$ 8 0 0 , 0 0 0 ▁to ▁Bank ▁of ▁America ). ▁ ▁M embers ▁CH IP S ▁is ▁owned ▁by ▁the ▁financial ▁institutions . ▁According ▁to ▁the ▁Federal ▁Fin an cial ▁Institution s ▁Ex am ination ▁Council ▁( F FI EC ),