SEPA and CIPS Co memorandum

SWIFT Chief Executive of Asia Pacific and EMEA, Alain Raes and CIPS Executive Director, Li Wei signed the MOU in Beijing on 25th March 2016. The MOU sets out plans for a strategic collaboration to develop China’s Cross-border Interbank Payment System (CIPS) using SWIFT as the secure, efficient and reliable channel to connect CIPS with SWIFT’s global user community. China International Payment Service Corp. is a clearing institution established within the territory of the People’s Republic of China, which is approved by People’s Bank of China (PBC) and subjected to PBC’s supervision. China International Payment Service Corp is responsible for the operations and maintenance of CIPS, including the management of its participants and business promotions etc. SWIFT has operated in China for over 30 years and nearly 400 Chinese financial institutions and corporations are connected to SWIFT today. Read more on www.swift.com.