Cross-Border Inter-Bank Payments System

Cross-Border Trade
The Cross-Border Interbank Payment System (CIPS) is a payment system which, offers clearing and settlement services for its participants in cross-border RMB payments and trade.wikipedia
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2015–16 Chinese stock market turbulence

2015 Chinese stock market crash2015–16 Chinese stock market crash2015–2016 Chinese stock market crash
It was reported to be a second setback to the plan to provide a unified network for settling deals in yuan after technical problems delayed its launch, and that other measures to open up China's financial infrastructure have been dented by the 2015 Chinese stock market crash.
On 8 October 2015 China launched a new clearing system developed by the People’s Bank of China (PBOC) - Cross-Border Inter-Bank Payments System (CIPS) - to settle cross-border RMB transactions and intended to "increase global usage of the Chinese currency", by "cutting transaction costs and processing times" and removing "one of the biggest hurdles to internationalizing the yuan".

Society for Worldwide Interbank Financial Telecommunication

SWIFTSociety for Worldwide Interbank Financial Telecommunication (SWIFT)SWIFT network
On 25 March 2016, CIPS signed an MoU with SWIFT with mutual understanding of deploying SWIFT as a secure, efficient and reliable communication channel for CIPS's connection with SWIFT's members, which would provide a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardised and reliable environment.
Cross-Border Inter-Bank Payments System

ISO 9362

BICBusiness Identifier CodeSWIFT code
ISO 9362: 1994 Banking—Banking telecommunication messages—Bank identifier codes
Cross-Border Inter-Bank Payments System (China International Payments System) (CIPS)

Memorandum of understanding

MOUmemoranda of understandingmemorandum of agreement
On 25 March 2016, CIPS signed an MoU with SWIFT with mutual understanding of deploying SWIFT as a secure, efficient and reliable communication channel for CIPS's connection with SWIFT's members, which would provide a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardised and reliable environment.

Financial institution

financial institutionsfinance companybanking institution
On 25 March 2016, CIPS signed an MoU with SWIFT with mutual understanding of deploying SWIFT as a secure, efficient and reliable communication channel for CIPS's connection with SWIFT's members, which would provide a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardised and reliable environment.

Payment order

CIPS would not facilitate funds transfer; rather, it sends payment orders, which must be settled by correspondent accounts that the institutions have with each other.

Correspondent account

correspondent bankcorrespondentCorrespondent Banking
CIPS would not facilitate funds transfer; rather, it sends payment orders, which must be settled by correspondent accounts that the institutions have with each other.

Registration authority

registration authorities
CIPS would conceivably also subscribe to registration authority (RA) for the following ISO standards:

Request for Comments

RFCRFCsRequests for Comments
In RFC 3615 urn:swift: was defined as Uniform Resource Names (URNs) for SWIFT FIN.

Uniform Resource Name

URNUniform Resource Name (URN)URN resolvers
In RFC 3615 urn:swift: was defined as Uniform Resource Names (URNs) for SWIFT FIN.

Market Identifier Code

Codes for exchanges and market identificationISO MICMarket Identifier Code (MIC)
ISO 10383: 2003 Securities and related financial instruments—Codes for exchanges and market identification (MIC)

International Bank Account Number

IBANBasic Bank Account Numbercheck digit test
ISO 13616: 2003 IBAN Registry

ISO 15022

ISO 20022

ISO 20022-1: 2004 and ISO 20022-2:2007 Financial services—UNIversal Financial Industry message scheme

Digital currency

electronic moneydigital currencieselectronic purse
Electronic money

OECD

Organisation for Economic Co-operation and DevelopmentOrganisation for Economic Co-operation and Development (OECD)Organization for Economic Cooperation and Development
Organisation for Economic Co-operation and Development (OECD)

Routing number (Canada)

Institution Numberrouting numberrouting numbers
Routing number (Canada)