The agreement was signed with the assistance of the Bank of China, which is the main correspondent bank of NBD-Bank in Chinese yuan. Joining CIPS will allow NBD-Bank to provide CNY settlement services to customers with an even higher level of efficiency and quality.
The CIPS system reduces the processing time for RMB payments in China, which helps to speed up settlements and improve the quality of services for customers engaged in foreign economic activity with China.
“Chinese banks are one of our main strategic partners. The basis for this is, first of all, the economic activity of our customers, as well as the high interest in cooperation on the part of Chinese colleagues. Our task is to facilitate interaction between countries and become a reliable partner both for our clients and counterparties from a friendly country,” said Yevgeny Maksakov, Deputy Chairman of the Board of NBD-Bank.
CIPS (Cross-Border Interbank Payment System) is a Chinese payment system designed for international payments in Chinese yuan. The CIPS system is aimed at the internationalization of the Chinese yuan, the improvement of settlements, the extension of the transaction time and the best satisfaction of the requirements of the participants of the system when conducting cross-border transactions in the Chinese yuan.
PJSC “NBD-Bank”, general license No. 1966
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