TransBank has become the first bank in Mongolia and Northeast Asia to join China’s Cross-Border Interbank Payment System (CIPS) as a Direct Participant, further strengthening its international presence in global payment networks.

With the successful implementation of CIPS, TransBank is pleased to announce that all yuan-denominated international transfers will be processed free of charge until December 31, 2025, supporting our customers’ trade and business activities with greater ease and efficiency.

Key Advantages of CIPS Direct Participation

1. Direct Connectivity – Transactions are routed without intermediary banks.
2. Faster Processing – Payments reach beneficiaries within the same day, in as little as two hours.
3. No Intermediary Fees – Enjoy seamless transfers with no additional correspondent charges.
4. Global Reach – Connected to over 1,700 banks across more than 100 countries.
5. Enhanced Security – Fully compliant with ISO 20022 standards and safeguarded under the supervision of the People’s Bank of China.

Benefits

1. Conduct faster and more reliable yuan transactions with partners in China and worldwide.
2. Reduce costs and enhance competitiveness in international trade.
3. Strengthen trust with business partners through secure, transparent transactions.
4. Take advantage of fee-free yuan transfers until December 31, 2025.

Currently, TransBank maintains correspondent relationships with 16 leading international banks and operates 33 nostro accounts in nine major currencies, including USD, EUR, CNY, JPY, GBP, RUB, SGD, HKD, and TRY, ensuring fast and secure cross-border settlements.

We invite all our customers to visit the nearest TransBank branch and experience the benefits of CIPS-powered yuan transfers – fast, reliable, and free of charge until year-end 2025.