SWIFT is a global member-owned cooperative which provides financial messaging services.
The MOU establishes plans for a collaboration for the development of China’s Cross-border Interbank Payment System (CIPS) using SWIFT as the channel to connect CIPS with the global messaging provider’s user community.
CIPS executive director Li Wei said: "China International Payment Service Corp. is looking forward to benefitting from SWIFT’s platform and services to provide an efficient and convenient channel to the global financial community.
"We aim to provide an inclusive platform to capture cross-border RMB flows to all types of participants which will significantly extend the reach of RMB internationalisation."
SWIFT chief executive of Asia Pacific and EMEA Alain Raes said: "There are natural synergies between global financial messaging services, such those provided by SWIFT, and payment systems. Working with such market infrastructures is at the heart of our business".
SWIFT’s messaging platform, products and services connect over 11,000 banking and securities organizations, market infrastructures and corporate customers in more than 200 countries and territories.
So far, 1,700 financial institutions have made RMB transactions using the SWIFT network.
SWIFT has operated in China for more than 30 years and about 400 Chinese financial institutions and corporations are currently connected to SWIFT.
Image: CIPS executive director Li Wei and SWIFT APAC & EMEA chief executive Alain Raes sign a MOU of strategic collaboration. Photo: courtesy of SWIFT.
