The message is to inform all Participants the following information:

CIPS（Cross-border Interbank Payment System), is launched officially by PBoC on 8th OCT 2015.

The system is designed to promote RMB internationalization by constantly improving RMB payment experiences, offers an alternative channel for the clearing of cross-border RMB payment.

Currently, CIPS will operate parallel with CNAPS , both systems will be in place to support cross-border RMB payment.

CIPS operates from 09:00 to 20:00 (Beijing time) in China working days. Please note that our ICBKSGSGCLR’s cut-off time for payments route through CIPS is 19:30.

As at the date of the notice, we understand that 19 Chinese and foreign-funded banks registered in Chinese mainland have been selected by PBoC as Direct Participants with their BIC and name of as follows:

1. ICBKCNBJXXX: INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED
2. PCBCCNBJXXX: CHINA CONSTRUCTION BANK CORPORATION
3. COMMCNSHXXX: BANK OF COMMUNICATIONS CO., LTD
4. BKCHCNBJXXX: BANK OF CHINA LIMITED
5. ABOCCNBJXXX: AGRICULTURAL BANK OF CHINA LIMITED
6. MSBCCNBJXXX: CHINA MINSHENG BANKING CORPORATION, LIMITED,(HEAD OFFICE)
7. CMBCCNBSXXX: CHINA MERCHANTS BANK CO.,LIMITED
8. SPDBCNSHXXX: SHANGHAI PUDONG DEVELOPMENT BANK CO.,LTD
9. SZDBCNBSXXX: PING AN BANK CO., LTD.
10. HXBKCNBJXXX: HUAXIA BANK CO.,LIMITED
11. FJIBCNBAXXX: INDUSTRIAL BANK CO.,LTD.
12. DBSSCNSHXXX: DBS BANK（CHINA）LIMITED
13. CITICNSXXXX: CITIBANK (CHINA) CO., LTD.
14. DEUTCNBJXXX: DEUTSCHE BANK(CHINA ) CO., LTD.
15. SCBLCNSXXXX: STANDARD CHARTERED BANK (CHINA) LIMITED
16. HSBCCNSHXXX: HSBC BANK (CHINA) COMPANY LIMITED
17. BNPACNSHXXX: BNP PARIBAS(CHINA) LTD
18. ANZBCNSHXXX: AUSTRALIA AND NEW ZEALAND BANK (CHINA) COMPANY LIMITED
19. BEASCNSHXXX: THE BANK OF EAST ASIA (CHINA) LIMITED

CIPS can support messages in English and Chinese (ISO20022 standard).
ICBC's clearing system supports SWIFT-CIPS conversion. As such, there is no change to the current SWIFT message format for sending of payment instructions from the participating bank to us. However, if your beneficiary or intermediary bank is a Direct Participant, you can choose to provide either one, the SWIFT BIC or CNAPS No. for processing.

Thank you for using our RMB Clearing service!