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Easy access to CIPS data will facilitate transactions between China and the rest of the world

SWIFT announced yesterday that reference data indicating financial institutions’ direct and indirect participation to China’s Cross-Border Interbank Payment System (CIPS) will be published via SWIFTRef and updated on a monthly basis. 

SWIFTRef is SWIFT’s unique global reference data and financial information utility. Sourcing data from official data authorities and data issuers in over 200 territories, SWIFTRef provides the most accurate and up to date payment reference data. This data covers BIC, LEI, national bank codes and IBAN data, standing settlement instructions, credit ratings, as well as financial institutions’ memberships to domestic and cross-border payment market infrastructures. Enabling trouble-free payments processing and validation for financial institutions and corporates, SWIFTRef accelerates flawless payment processing, clear regulatory reporting, risk management and due diligence.

Strategic collaboration 

SWIFT and CIPS signed a Memorandum of Understanding (MoU) in 2016, setting out plans for a strategic collaboration using SWIFT’s global network to expand CIPS user community. Reference data forms part of this cooperation with a focus on improving payment routes. The cooperation on reference data is expected to:

  • strengthen cross-border RMB payments efficiency
  • increase straight-through-processing (STP) for market players
  • greatly improve the customer experience. 

SWIFT has been working closely with China to support the country’s internationalisation agenda by supporting broader connectivity of the RMB, offering value-added products and services such as business intelligence or messaging conversion and networks, and working towards community engagement and standardisation.

Xin Zhang, General Manager, CIPS commented, “As CIPS is developing and on-boarding an increasing number of direct and indirect participants. Updated and accessible reference data is critical for financial institutions to identify the most preferred or efficient routes for a transfer, as well as to understand a financial institution’s membership to CIPS. We are confident the inclusion of CIPS data into SWIFTRef’s database will greatly support cross-border RMB transactions going forward.”

CTMfile take: An important small step in the internationalisation of the CNY, but remember that on SWIFT figures only 2% of customer initiated and institutional international payments were by CNY.

This item appears in the following sections:
FX Management & Crypto
Buying & Selling FX
SWIFT Corporate Connectivity

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