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Suppose that a bank in Spain needs to make a U.S. dollar payment using CHIPS. The bank in Spain has a correspondent relationship with JPMorgan

Suppose that a bank in Spain needs to make a U.S. dollar payment using CHIPS. The bank in Spain has a correspondent relationship with JPMorgan Chase, which is a CHIPS member bank. The bank in Spain will most likely transmist the payment instructions to JPMorgan through

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