Cips system, whose full name is RMB cross-border payment system, is a wholesale payment system specializing in RMB cross-border payment and settlement business. It aims to further integrate the existing RMB cross-border payment and settlement channels and resources, improve the efficiency of cross-border settlement, meet the development needs of RMB business in major time zones, improve transaction security and build a fair market competition environment. CIPS is an important financial market infrastructure in China, which can play an important role in helping the internationalization of RMB.
At present, cips adopts the internationally accepted ISO20022 message standard, and adopts a unified and standardized Chinese quadrangle code to support Chinese and English transmission. The setting of fields such as name, address and charge is more conducive to the automatic processing of RMB business. CIPS message design fully considers the conversion requirements with the current SWIFTMT message, which can facilitate the direct processing of cross-border business and support the future business development needs.
However, from the perspective of clearing channels, after the CIPS system went online, the original modes such as clearing bank and correspondent bank still existed. Decentralized clearing channels have brought a series of problems, such as different message standards and network transmission channels, and difficult data statistics, which not only affect the efficiency of business processing, but also are not conducive to full-caliber data statistics and RMB capital flow monitoring.
As an important financial market infrastructure in China, CIPS system is a realistic choice to promote cooperation with overseas RMB clearing banks, which will play a positive role in improving settlement efficiency, maintaining financial security and promoting RMB internationalization.
To sum up, the above is an introduction to some cips systems and an analysis of the significance of the system. It can be seen that in the case of swift's dominance, self-built payment and settlement system is a very good move!