Transport and Development Bank (TransBank) has become the first commercial bank in Mongolia and Central Asia to join China’s Cross-Border Interbank Payment System (CIPS) as a direct offshore participant. This allows the bank to offer its customers a secure and efficient way to make CNY payments from Mongolia to anywhere in the world through CIPS, ensuring reliable, low-cost, and real-time gross settlement.
China introduced CIPS in 2015 to internationalize the yuan, enhance its circulation, and securely process payments. Backed by the People’s Bank of China, CIPS provides clearing and settlement services for crossworder yuan transactions.
FEATURES OF THE CIPS SYSTEM
- Speed and Convenience: CIPS enables real-time settlement of CNY payments, allowing transfers to be executed faster and more efficiently than ever before.
- Interbank Collaboration: CIPS enables seamless CNY transactions through its network of 169 direct participant banks and financial institutions, connecting with globally recognized entities.
- Participant Structure: CIPS consists of direct and indirect participants. Direct participants can process transactions in real time through the system, while indirect participants rely on direct participants to facilitate their transactions.
A STEP FORWARD FOR TRANSPORT AND DEVELOPMENT BANK
TransBank going forward aims to strengthen its competitiveness in the international market by operating as a financially stable partner bank and a private banking service provider that meets global standards. As part of this strategy, the bank is integrating major international payment systems into its operations, ensuring alignment with customer needs and shared values. The bank’s integration into the CIPS system as a direct participant highlights its commitment to strengthening its financial capabilities and meeting the international banking standards set by regulatory bodies.
TransBank is committed to becoming a leading global bank by focusing on customer needs, building strong partnerships, and ensuring fast, sustainable progress