The term "fips" commonly refers to the Federal Information Processing Standards Publication 140 (FIPS 140), a document published by the National Institute of Standards and Technology (NIST), a U.S. government agency. Cryptographic software and hardware that complies with the standard must use only cryptographic algorithms specified in FIPS 140-2, the latest published revision.
The term FIPS is sometimes used to refer to a specific publication, Security Requirements for Cryptographic Modules FIPS 140. Cryptographic software and hardware that complies with the standard must use only cryptographic algorithms specified in FIPS 140-2, the latest published revision.
However, FIPS 140-2 is one of many publications that describes information technology standards for use by U.S. Government Agencies.
Further information can be found at the FIPS Home Page