Cross-Border Interbank Payment System

In 2022, CIPS processed around 96.7 trillion yuan (US$14.03 trillion), with about 1427 financial institutions in 109 countries and regions having connected to the system.

In 2023, the CIPS processed 6.6133 million transactions, totaling RMB123.06 trillion (US$17.09 trillion), increasing by 50.29 percent and 27.27 percent y-o-y, respectively. On a daily basis, the system processed 25,900 transactions, totaling RMB482.602 billion (US$67.028 billion).

In 2024, the CIPS processed 8.2169 million transactions, totaling RMB175.49 trillion (US$24.47 trillion), increasing by 24.25 percent and 42.60 percent y-o-y, respectively. On a daily basis, the system processed 30500 transactions, totaling RMB652.390 billion (US$90.95 billion).

As of June 2025, CIPS has 176 Direct Participants and 1514 Indirect Participants. Among Indirect Participants, 1102 participants are from Asia (including 563 in mainland China), 261 from Europe, 61 from Africa, 34 from North America, 34 from South America, and 22 from Oceania.

In 2025, the CIPS processed 8.4419 million transactions, totaling RMB180.15 trillion, increasing by 1.02 percent and 1.02 percent y-o-y, respectively. On a daily basis, the system processed 31900 transactions, totaling RMB679.821 billion.

CIPS participants are located in 121 countries and regions around the world. Business covers more than 4900 banking institutions in 189 countries and regions around the world, including both direct and indirect members.

History

In 2012, the PBOC launched the construction of CIPS (phase 1). On 8 October 2015, CIPS (phase 1) was put into operation, with 19 direct participants and 176 indirect participants from 50 countries and regions across 6 continents. The launch of CIPS was another milestone in the construction of China's financial market infrastructure, which marked vital progress in developing China's modern payment system that integrated domestic, and overseas payments of RMB. CIPS significantly facilitated RMB being officially included in the special drawing rights (SDR).

In March 2016, SWIFT and CIPS signed a memorandum of understanding (MOU). With the ISO 20022 standard already adopted by CIPS for its payment system, SWIFT went through the implementation process of the standard that can allow the use of Chinese characters, in addition to its richer content functionalities.

In September 2017, as one of the MOU's plans signed between SWIFT and CIPS, reference data indicating financial institutions' direct and indirect participation in CIPS will be published via SWIFTRef and updated on a monthly basis. This data covers BIC, LEI, national bank codes, IBAN data, standing settlement instructions, credit ratings, and financial institutions' memberships to domestic and cross-border payment market infrastructures.

After the launch of CIPS (phase 1), its functions have been steadily improved, leading to its operation (phase 2).

On 26 March 2018, CIPS (phase 2) was launched on a pilot basis, with 10 direct participants. On 2 May 2018, CIPS (phase 2) was fully operational with other qualified direct participants. On 9 October, CIPS (phase 2) implemented the Delivery Versus Payment (DVP) settlement and supported Northbound Trading of Bond Connect, which would reduce settlement risks and improve the efficiency of cross-border bond transactions.

By the end of 2019, CIPS had 33 direct and 903 indirect participants (from 94 countries and regions) with an increase of 74% and 413% compared to 2015, respectively. Through these direct and indirect participants, the network of CIPS has reached 3000+ banking institutions in 167 countries and regions. By the end of 2019, 1017 banking institutions from 59 BRI countries and regions (including mainland China, Hong Kong SAR, Macao SAR, and Taiwan) ran their business via CIPS.

In 2021, CIPS processed around 80 trillion yuan (US$12.68 trillion), with about 1280 financial institutions in 103 countries and regions having connected to the system.

In 2022, CIPS processed around 96.7 trillion yuan (US$14.03 trillion), with about 1427 financial institutions in 109 countries and regions having connected to the system.

In 2023, the CIPS processed 6.6133 million transactions, totaling RMB123.06 trillion (US$17.09 trillion), increasing by 50.29 percent and 27.27 percent y-o-y, respectively. On a daily basis, the system processed 25,900 transactions, totaling RMB482.602 billion (US$67.028 billion).

In 2024, the CIPS processed 8.2169 million transactions, totaling RMB175.49 trillion (US$24.47 trillion), increasing by 24.25 percent and 42.60 percent y-o-y, respectively. On a daily basis, the system processed 30500 transactions, totaling RMB652.390 billion (US$90.95 billion).

In 2025, the CIPS processed 8.4419 million transactions, totaling RMB180.15 trillion, increasing by 1.02 percent and 1.02 percent y-o-y, respectively. On a daily basis, the system processed 31900 transactions, totaling RMB679.821 billion.