Categories CIPS system Home What if the recipient bank is not a Direct Participant? Post author By Nomundari A Post date September 9, 2025 If the recipient bank is not a Direct Participant, the transfer is routed through a Direct Participant bank with which the recipient has a correspondent relationship. ← Are there different conditions or restrictions depending on the type of transaction (trade, investment, services)? → What information is required to initiate a CIPS transaction (such as bank codes, SWIFT/BIC, etc.)?