Cross-Border Interbank Payment System

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Cross-Border Interbank
Payment System

Company type	Cooperative
Industry	Telecommunications
Founded	2015
Headquarters	Shanghai, China
Products	Financial telecommunication
Website	cips.com.cn/en

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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 March 2024, CIPS has 1511 participants with 140 as Direct Participants and 1371 as Indirect Participants. Among Indirect Participants, 1018 participants are from Asia (including 563 from Chinese Mainland), 237 from Europe, 50 from Africa, 28 from North America, 20 from Oceania, and 18 from South America.

CIPS participants are located in 114 countries and regions around the world. The actual business covers more than 4,500 banking institutions in 182 countries and regions around the world.^[3]