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Guideline

Application

Fund Custody

FAQs

Know CIPS

Cross-border Interbank Payment System (CIPS) is a wholesale payment system dedicated to RMB cross-border payment and settlement, as approved by the People's Bank of China(hereinafter referred to as the "PBC"). Committed to providing secure, efficient, convenient and low-cost clearing and settlement services, CIPS serves as China’s critical financial market infrastructure (FMI).

CIPS (Phase I) went live in October 2015. CIPS (Phase II) was fully put into operation in May 2018. The development and operation of CIPS have always complied with unified international standards. With regard to system design and rules development, it strictly observes and implements requirements specified in relevant frameworks, including Principles for Financial Market Infrastructures and Core Principles for Systemically Important Payment Systems.

CIPS operates on a 5×24-hour plus 4-hour basis and supports a hybrid settlement model to meet the settlement needs of diverse payment businesses. For payment transactions initiated individually by direct participants, CIPS adopts Real-Time Gross Settlement (RTGS); for bulk payment transactions initiated by direct participants, CIPS adopts Deferred Net Settlement (DNS). Meanwhile, to accommodate settlement requirements of different financial transactions, CIPS supports a full range of cross-border RMB settlement business, including RMB remittance, Payment versus Payment (PvP) between RMB and foreign currency, Delivery versus Payment (DvP), Central Counterparty (CCP) settlement, and settlement for other cross-border RMB transactions.

Guideline

Business Rules Of the Cross-border Interbank Payment System

2025-12-10

CIPS Hong Kong Dollar Business Operation Guidelines (Trial)

2025-12-10

Application

Fund Custody

The CIPS fund custodian bank arrangement is designed to serve overseas direct participants. Under this framework, eligible direct participants in the banking sector provide liquidity services related to CIPS accounts to overseas direct participants requiring such support, thereby facilitating their access to CIPS in a more secure and efficient manner.

Which participants need a fund custodian bank?

Overseas banks applying to become direct participants that are not members of the People’s Bank of China

(PBC) High-Value Payment System and have not opened a clearing account with the PBC shall select a fund custodian bank to entrust it with handling liquidity management operations such as funding (pre-funding), fund increases (pre-funding increases).

What is a CIPS fund custodian bank?

The CIPS fund custodian bank refers to a bank-type direct participant that provides CIPS account funding and related liquidity services to other direct participants.

The fund custodian bank shall enter into a service agreement with the entrusting party to define the relevant arrangements for liquidity management services, including funding (pre-funding), fund increases (pre-funding increases), and other related operations.

The CIPS Co., Ltd. provides direct management and services to the fund custodian bank, guiding it in providing services to entrusting parties in accordance with the terms of the relevant agreements.

How to become a CIPS fund custodian bank?

A direct participant that meets the following criteria may apply to become a fund custodian bank:

1.It is a direct participant in the People’s Bank of China(PBC) High-Value Payment System and has opened

a clearing account with the PBC.

2.It maintains sound financial and credit standing and possesses strong resilience and adaptability to changes in the financial environment.

3.It has sound internal mechanisms for preventing and mitigating liquidity risks.

4.It has experience in providing RMB correspondent clearing services to overseas banks.

5.It has clearly identified target entrusting parties or a defined development plan for such services.

6.In the past 3 years, it has not committed any violations of CIPS-related business rules that caused serious disruption to operations, nor has it been involved in any other incidents that could pose a significant threat to the safe and stable operation of CIPS.

An institution applying to become a fund custodian bank shall submit the following materials to CIPS Co., Ltd.:

1.Application form, including basic information about the applicant institution, credit rating, financial information, contact details, and other relevant data.

2.Business plan for performing fund custodian bank responsibilities.

CIPS Co., Ltd. will evaluate the application materials and provide a result indicating approval or disapproval. Institutions that have been reviewed and approved by CIPS Co., Ltd. must complete system upgrades within the specified timeframe and pass the acceptance inspection by CIPS Co., Ltd..

Contact Email:

qsb@cips.com.cn

List of CIPS fund custodian banks

As of June 2026, the Cross-Border Interbank Payment System (CIPS) has a total of 14 fund custodian banks. The specific list is as follows:

No.

Institution Name

1

Industrial and Commercial Bank of China Limited

2

China Construction Bank Corporation

3

Bank of China Limited

4

Agricultural Bank of China Limited

5

Bank of Communications Co., Ltd.

6

Standard Chartered Bank (China) Limited

7

Industrial Bank Co., Ltd.

8

China Minsheng Banking Corp., Ltd.

9

HSBC Bank (China) Company Limited

10

Bank of Jiangsu Co., Ltd.

11

China CITIC Bank Corporation Limited

12

Bank of China (Hong Kong) Limited

13

DBS Bank (China) Limited

14

China Everbright Bank Company Limited

Integration

Access Application

Direct Participation Access Process

Make Scheme and Plan

Technical Preparation

1 System Development and IT Preparation

2 system integration test

3 Acceptance

Business Preparation

1 Custodian Relationship（AS Required）

2 Pre-launching preparation

3 Compliance Margins（As Required）

4

Go-Live phase

5

Online

FAQs

How does the Company process indirect participants registration?

What are the types of participants in CIPS?

2026-07-18

What are the requirements for CIPS account management?

How to apply to become CIPS direct participants?

How does the Company assess direct participants application?

How to apply to become CIPS indirect participants?

How does the Company process indirect participants registration?

CIPS Operating Hours and Schedule Arrangement?

How does CIPS manage liquidity?

What are the precautions during the daily operational phase for direct participants?