Under the guidance of the Guangzhou Branch of People's Bank of China, the Zhongshan Central Branch of People's Bank of China together with the Zhongshan Branch of Bank of Communications helped connect C&S Paper Co Ltd with the Cross-border Interbank Payment System (CIPS) standard transceiver on November 2, marking the successful use of the first CIPS standard transceiver project in Zhongshan and the first internet-accessible CIPS standard transceiver in China.
A C&S staff member said that they used to travel 20 kilometers to visit the bank to handle international RMB receipts and payments, which usually took 2-3 hours or even half a day. After being connected with the CIPS standard transceiver, the process takes only 5 minutes to receive funds through business integration processing. At the same time, 150 yuan will be cut for each business for the handling fee, reducing costs and increasing efficiency..
The CIPS standard transceiver also supports centralized international money dealings such as centralized collection and payment of international trade transactions, foreign debt collection, and centralized overseas loan management.