Banking News

Swift to handle 86% of Mainland cross border payments

Swift to handle 86% of Mainland cross border payments

(6 June 2018 – China) Ten Chinese banks have signed on to SWIFT’s global payment initiative (gpi), including three of the country’s big four lenders – Bank of China, Industrial and Commercial Bank of China and China Construction Bank.

Along with Bank of Communications, China Minsheng Bank, China Guangfa Bank, Bank of Jiangsu, Shanghai Pudong Development Bank, China Citic bank, China Zheshang Bank and seventeen other banks already on the platform, this accounts for an estimated 86 percent of cross-border payment traffic in the Mainland.

“We would like to take this opportunity to grow our involvement in gpi together with other Chinese banks in order to serve Chinese enterprises that are “Going global” and the construction of Belt and road initiative by enhancing cross border service capability,” said Sun Shangbin, deputy general manager of clearing department at Bank of China.

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