Russian banks are actively connected to the Chinese CIPS currency transfer system

The Chinese equivalent of SWIFT for foreign exchange transfers can only be used for direct transfers in RMB. In scale, CIPS is comparable to SWIFT. But there is a difference - the participants are divided into direct and indirect.

Indirect members have access to CIPS through direct members. The latter open accounts, send and receive messages through the system, and not through correspondent banks. Only a resident of China and their subsidiaries can become direct participants.

Nevertheless, Russian banks are willingly connecting to the Chinese bank transfer system. Currently, 23 Russian banks are connected. Among them are VTB, FC Otkritie, Moscow Credit Bank, Asia-Pacific Bank, Transcapitalbank, Solidarity, Ak Bars, Absolut Bank and Bank St. Petersburg. Gazprombank, Rosbank and Alfa-Bank are preparing to connect to the system.

In total there are 1341 participants in С1Р5 - 76 direct and 1265 indirect. Of these, 965 are in Asia, 185 in Europe. 46 participants from Africa.

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