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What is the difference between a Direct Participant and an Indirect Participant?

  1. A Direct Participant is a bank or financial institution directly connected to CIPS and able to process payments independently in the system.
  2. An Indirect Participant handles CIPS transactions via a Direct Participant bank rather than having its own direct connection.
  3. Currently, there are around 176 Direct Participants globally, enabling direct yuan transactions with those banks. There are also about 1,531 Indirect Participants that route through Direct Participants.