Industrial and Commercial Bank of China, Agricultural Bank, China Bank, China Construction Bank, Bank of Communications, Huaxia Bank, Minsheng Bank, China Merchants Bank, Bank, Ping An Bank, Shanghai Pudong Development Bank, HSBC Bank (China), Citibank (China), Standard Chartered Bank (China), DBS Bank (China), Deutsche Bank (China) and BNP Paribas (China).
CIPS (Phase I) facilitates cross-border RMB business processing and supports cross-border trade in goods and services, cross-border direct investment, cross-border financing and cross-border personal remittance.
。 The main functions and characteristics of CIPS include: first, CIPS (Phase I) uses real-time full settlement to handle the remittance business of customers and financial institutions; second, all direct participants have a little access to centralize the liquidation business, shorten the liquidation path and improve the liquidation efficiency. The third is to adopt the international common iso222, which is convenient for participants to directly handle cross-border business. Fourth, the operation time covers major time zones of RMB business such as Europe, Asia, Africa and Oceania. The fifth is to provide private line access for domestic direct participants.