Easy access to CIPS data will facilitate transactions between China and the rest of the world
Beijing, 27 September 2017 – Swift announces today 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.
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 and 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 of CIPS, said: “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.”
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.
Daphne Huang, Head of Swift China said: “Swift supports financial institutions around the world to make their cross-border transactions easier, more reliable and more efficient. The collaboration between Swift and CIPS, and the inclusion of CIPS data into SwiftRef is a great step towards easier cross-border transactions with China, and a further proof of the importance of collaboration between Swift and market infrastructures when it comes to product development for the benefit of the global community.”
Swift supports financial institutions around the world to make their cross-border transactions easier, more reliable and more efficient. The collaboration between Swift and CIPS, and the inclusion of CIPS data into SwiftRef is a great step towards easier cross-border transactions with China, and a further proof of the importance of collaboration between Swift and market infrastructures when it comes to product development for the benefit of the global community.
About Swift
Swift is a global member-owned cooperative and the world’s leading provider of secure financial messaging services. We provide our community with a platform for messaging, standards for communicating and we offer products and services to facilitate access and integration; identification, analysis and financial crime compliance. Our messaging platform, products and services connect more than 11,000 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories, enabling them to communicate securely and exchange standardised financial messages in a reliable way. As their trusted provider, we facilitate global and local financial flows, support trade and commerce all around the world; we relentlessly pursue operational excellence and continually seek ways to lower costs, reduce risks and eliminate operational inefficiencies. Headquartered in Belgium, Swift’s international governance and oversight reinforces the neutral, global character of its cooperative structure. Swift’s global office network ensures an active presence in all the major financial centres.
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Contacts:
Jaime Lee
Jaime.Lee@swift.com
