- No. CIPS is specialized for yuan (CNY) cross-border transactions. It does not replace SWIFT, which supports multiple currencies and a broader range of payment types.
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Author: Nomundari A
- CIPS operates under the supervision of the People’s Bank of China and follows international standards for transaction security and data confidentiality.
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Who is eligible to use CIPS?
- Any individual or organization that holds a yuan (CNY) account with our bank is eligible to send international yuan payments via CIPS.
- There is no fixed cap on the number or total amount of international yuan transfers made through CIPS via our bank.
- Yes. For transfers of 1,000,000 CNY or more, customers should notify our bank’s branches, which will in turn inform the relevant regulatory authorities as required.
- If a transaction is flagged under compliance or control review by either our bank or the recipient bank, it may be returned. If that happens, any returned funds will be credited back to your account.
- If the failure is not due to our bank’s fault, the fee will not be refunded.
- Full name, address, and account number (IBAN if applicable) of the recipient;
- Name and SWIFT/CIPS code of the recipient’s bank;
- If available, intermediary bank name and SWIFT/CIPS code;
- Clear description/purpose of payment (e.g., tuition fee, invoice number, goods/services).
- 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.
- All types of international yuan transfers are accepted without restrictions, except those constrained by international sanctions or regulatory measures.