SWIFT and CIPS Sign Memorandum of Understanding


*KejRaj: Could this be what we have been waiting for as far as the RV/GCR are concerned?

*SWIFT and CIPS Sign Memorandum of Understanding

Brussels, 25 March 2016 – SWIFT has signed a memorandum of understanding (MOU) with China International Payment Service Corp., (CIPS Co.).

The MOU sets out plans for a strategic collaboration to develop China’s Cross-border Interbank Payment System (CIPS) using SWIFT as the secure, efficient and reliable channel to connect CIPS with SWIFT’s global user community. SWIFT Chief Executive of Asia Pacific and EMEA, Alain Raes and CIPS Executive Director, Li Wei signed the MOU in Beijing on 25th March 2016.