Arab Today, arab today bank of china icbc join swift in facilitating crossborder payments
Last Updated : GMT 07:37:00
Arab Today, arab today
Arab Today, arab today

Bank of China, ICBC join SWIFT in facilitating cross-border payments

Arab Today, arab today

Arab Today, arab today Bank of China, ICBC join SWIFT in facilitating cross-border payments

Bank of China, ICBC join SWIFT in facilitating cross-border payments
Beijing - XINHUA

Bank of China (BOC) and Industrial and Commercial Bank of China (ICBC) are among 45 major banks that global transaction service provider SWIFT has rallied for an initiative to improve cross-border payments.

The initiative, dubbed Global Payment Innovation (GPI) and announced at the end of 2015, seeks to improve cross-border payments for corporate treasurers by offering faster and more efficient cross-border payments with increased transparency and predictability in fee deductions, SWIFT said during a briefing on the initiative to Chinese banks in Beijing on Friday.

Representatives from SWIFT said that Chinese banks have "unexpectedly high" interest in GPI. China is now the world's largest trading nation and is seeking greater use of the Chinese currency, the renminbi, in global trade and finance.

BOC and ICBC will join a pilot group to test the new payment scheme to determine how it can ease some of the pains associated with cross-border payments, including those billed in renminbi, also known as the yuan.

According to SWIFT, existing cross-border payments do not require a bank to notify the sending bank that it has received the funds, and corporate treasurers have little idea about how much will be charged in fees as the funds have to route through several corresponding banks to eventually arrive in the recipient's account.

The cross-border yuan is likely to benefit from the new payment processing initiative, according to participating banks and SWIFT on Friday.

SWIFT data showed that the Chinese yuan is the fifth most active currency in global payments in October, accounting for 1.92 percent of all global payments.

"Many Chinese banks that act as clearing banks overseas can leverage the GPI to make cross-border yuan payments easier and more efficient, thus adding incentives among corporate treasurers to use the Chinese currency in global trade," said Eric Yang, SWIFT's markets and initiatives director in China.

China has long sought to promote the yuan's use globally. Over the past year, it launched a cross-border yuan payment system to facilitate clearing of international yuan payments. The International Monetary Fund has also approved the yuan's inclusion in its elite basket of currencies.

SWIFT said the improved cross-border payment scheme it is promoting does not require much overhaul of existing payment infrastructure but rather asks participating banks to comply with a set of newly defined rules when processing cross-border payments as corresponding banks.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today bank of china icbc join swift in facilitating crossborder payments Arab Today, arab today bank of china icbc join swift in facilitating crossborder payments

 



Arab Today, arab today
Arab Today, arab today Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourist guide reveals methods of tourist attractions

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Optimism on the front line

GMT 07:24 2017 Monday ,20 February

Optimism on the front line
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Egypt to hold first session of Arab film festival

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 09:03 2017 Thursday ,16 February

Tour guide praises women’s beaches

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday