Habib Bank Limited, the largest private sector bank in Pakistan, is now using CHIPS, the real-time, large dollar payments system operated by The Clearing House Payments Company. Habib Bank Limited is the first bank in Pakistan to connect to CHIPS, reports finextra.com. "CHIPS is a world-class wire transfer system that provides HHL with the capability to clear and settle payments quickly and at a reduced cost," said Faiq Sadiq, Country Manager, Habib Bank Limited USA. "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." The participation of HBL is part of CHIPS' initiative to serve the increasingly global needs of banks. "In an increasingly global economy, financial institutions and their customers need wire transfer capabilities that can help them conduct business anywhere in the world," said Hank Farrar, Senior Vice President of The Clearing House, responsible for CHIPS. "CHIPS is committed to helping institutions and their customers achieve their strategic business objectives by providing a premier wire transfer solution used by the world's largest banks and corporations. Using CHIPS for its payments needs will also give HBL the opportunity to maximize their liquidity."