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Chinese banks at forefront of cross-border payment innovation
 
Date:2018-10-25  Source:Xinhua

Since going online last year, Chinese banks have played a leading role in trialling a new financial technology that allows frictionless, real-time cross-border transactions.

One of the first to take part in SWIFT's Global Payments Innovation (GPI) was the Industrial and Commercial Bank of China (ICBC) and since then they've rolled out the service to 36 financial institutions under the ICBC group around the world, covering 23 major currencies.

"ICBC has formed customized arrangements based on GPI service for individuals, enterprises and peers," Peng Hua, deputy general manager of the ICBC operations management department, told Xinhua recently at the 2018 SIBOS conference in Sydney.

"Customers can handle cross-border remittances easily through channels such as mobile banking, online banking and smart terminals."

Being able to track international payments end to end, the technology not only makes cross-border transactions safer and more transparent, but also allows a greater amount of information to be transferred with the payment.

In November 2017, another big player, China Minsheng Bank, also came on board launching the Minsheng Global Express GPI, making it the third financial institution in China to utilize the technology.

Linking it to six of its platforms, customers can now make GPI payments for public online banking, personal online banking, mobile banking, credit cards, foreign currency transactions and international settlements.

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