Cross-Border Interbank Payment System

Cross-Border Interbank
Payment System
Company typeCooperative
IndustryTelecommunications
Founded2015
HeadquartersShanghai, China
ProductsFinancial telecommunication
Websitecips.com.cn/en

The Cross-Border Interbank Payment System (CIPS) is a Chinese payment system that offers clearing and settlement services for its participants in cross-border renminbi (RMB) payments and trade. Backed by the People's Bank of China (PBOC), China launched the CIPS in 2015 to internationalize RMB use. CIPS also counts several foreign banks as shareholders, including HSBC, Standard Chartered, the Bank of East Asia, DBS Bank, Citi, Australia and New Zealand Banking Group, and BNP Paribas.

In 2022, CIPS processed around 96.7 trillion yuan ($14.03 trillion), with about 1427 financial institutions in 109 countries and regions having connected to the system.[1][2]

As of December 2023, CIPS has 1484 participants with 139 as Direct Participants and 1345 as Indirect Participants. Among Indirect Participants, 998 participants are from Asia (including 562 from Chinese Mainland), 233 from Europe, 48 from Africa, 29 from North America, 20 from Oceania, and 17 from South America.

CIPS participants are located in 113 countries and regions around the world. The actual business covers more than 4,400 banking institutions in 182 countries and regions around the world.[3]

  1. ^ "Factbox: What is China's onshore yuan clearing and settlement system CIPS?". Reuters. 28 February 2022. Retrieved 3 March 2022.
  2. ^ "What is China's Swift equivalent and what are its origins?". South China Morning Post. 28 February 2022. Retrieved 3 March 2022.
  3. ^ "CIPS Participants Announcement No. 92". www.cips.com.cn. Retrieved 22 January 2024.

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