CIPS
Cross-Border Interbank Payment System
CIPS is China's cross-border payment system for renminbi (RMB) transactions. It provides clearing and settlement for international RMB payments and supports global participants.
CIPS works alongside SWIFT messaging and supports ISO 20022 standards. It is used by banks to route cross-border RMB payments more efficiently. For domestic settlement, China uses CNAPS.
Related Terms
CNY
Chinese Yuan
CNY is the official currency of the People's Republic of China, also known as the renminbi (RMB). It...
SWIFT
Society for Worldwide Interbank Financial Telecommunication
SWIFT is a global messaging network that financial institutions use to securely transmit information...
Cross-Border Payment
A cross-border payment is a transfer where the payer and payee are in different countries or currenc...
ISO 20022
ISO 20022 is an international standard for financial messaging that defines a common data model and ...
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