The FINANCIAL — Deutsche Bank on October 8 announced that it has been selected as a direct participating bank in China’s newly launched Cross-Border Interbank Payment System, as part of the first batch of approved participants.
Initiated by the People’s Bank of China (PBoC) and run by the CIPS Clearing Company, CIPS provides an independent cross-border payment and clearing system connecting both onshore and offshore clearing markets and participating banks. CIPS uses global payment standards and enables same day clearing across Asia, Oceania, Europe and other time zones through extended operating hours, according to Deutsche Bank.
Carl Wegner, Managing Director, Greater China Head of Global Transaction Banking at Deutsche Bank, said: “By integrating the existing Renminbi cross-border payment and settlement channels, CIPS will improve the efficiency of cross-border clearing to meet the increasing demand for Renminbi worldwide. CIPS will also enhance and facilitate the security of transactions, thereby benefitting the industry as well as our clients.”
Feng Gao, Managing Director, Chief Country Officer of Deutsche Bank China, added: “We are proud to be one of the few foreign banks chosen to participate in CIPS. This new clearing system represents important additional financial market infrastructure for cross-border payments and bodes well for the ongoing internationalisation of the currency. We look forward to continuing to work with PBoC and our clients to facilitate Renminbi cross-border payments.”