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- W243598549 abstract "Early Wednesday morning, Sept. 12, less than 24 hours after the terrorist attack that destroyed New York's World Trade Center complex, Jeffrey Neubert was one of perhaps only two civilians in the financial district. The president and CEO of the New York Clearing House has an apartment near the NYCH headquarters, a small building at 100 Broad St., only eight blocks away from the devastation. National Guard troops had yet to arrive as he walked to work that morning. Several Red Cross workers stopped to ask him if he were okay--he told them he was. And then, in the strangest moment of an eerie morning-after, he looked up to see a Marine Corps helicopter gunship hovering above the street. Neubert never left the financial district from the time the first plane hit at 8:48 a.m. Tuesday until Thursday, Sept. 13, two days after the attack. He heard, but did not see, the two explosions when the planes hit the towers; heard and felt the collapse of the twin 110-story buildings; saw the smoke and dust that seeped into the stout two-story clearing house building. Yet, the phones kept working and so did the computers, despite a momentary flicker when the second tower collapsed. With the building and communications intact, Neubert stayed where he was because the New York Clearing House is a linchpin of both the domestic and global payment system. It operates the Clearing House Interbank Payment System, better known as CHIPS, and the Electronic Payments Network, a large automated clearinghouse operation, as well as a local check exchange operation. More than $1.3 trillion a day moves through the two electronic systems. Deadlines are extended Beginning about noon on that fateful Tuesday, Neubert hosted hourly phone calls among the other key players in the world's financial capital. These included the Federal Reserve Bank of New York, the New York State Banking Dept., the Depository Trust and Clearing Corp., and 15 to 20 of the most senior operations, technology, and payment system officers of the clearing house member banks, among them Citibank, Deutsche Bank, JPMorganChase, ABN/Amro, and Bank of New York. NYCH's two electronic payment systems, as well as the Fed Wire, never stopped functioning throughout the crisis. The clearing house, however, did extend the CHIPS closing to 10 or 11 p.m. on Sept. 11, 12, and 13, and by a half hour on the 14th, according to Neubert. (Normally CHIPS closes at 5 p.m. and opens again at 12:00 a.m. the following day.) Also, opening time was pushed back till 2 or 3 a.m. the first three days. The system never failed to operate normally. No credit limits were reached, no banks were denied access to the system, Neubert confirmed. …" @default.
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- W243598549 date "2001-10-01" @default.
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- W243598549 title "Near Ground Zero, a Payments Hub Stays Calm. (THE N. Y. EXPERIENCE)" @default.
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