Asian-Pacific Bank became a participant of Cross-border Interbank Payment System (CIPS), the main RMB cross-border payment system in China. Participation in CIPS enables APB to extend service hours and cover almost all financial markets in every time zone.
CIPS supports intra-day RMB settlements for overseas participants and their local customer’s use of RMB that helps to speed up settlements and improve the efficiency of services provided. For processing payments via CIPS for Chinese remitters, all it takes is to indicate the SWIFT-code of APB and the beneficiary’s account number in Russia. To strengthen cooperation with Chinese and other foreign counterparties APB has launched a campaign “Infinite Possibilities” offering settlement services and forex operations to new customers at lower rates.
“Chinese financial institutions are among of our key strategic partners. The basis for that is, first, business activity of our customers, as well as the strong interest in cooperation from our Chinese colleagues. APB provides services to more than 1.5 thousand companies engaged in business with Asian countries, more than half of them run business with Chinese partners. Our task is to facilitate cooperation between the countries and become a reliable partner for both our customer and counterparty from China” - says Maria Rozbitskaya, Director of International Relations Department.
CIPS is a wholesale payment system authorized by People’s Bank of China. CIPS provides RMB cross-border clearing and settlement services. For further information, please visit.