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CIBC and BOC onboard to SWIFT GPI

The Industrial and Commercial Bank of China and the Bank of China is implementing SWIFT’s Global Payment Innovation (GPI). The GPI 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. 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 yuan. According to Swift’s China markets and initiatives director Eric Yang, 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. 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.

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