UOB becomes direct participant of China’s cross-border interbank payment system

UOB will provide one-stop cross border RMB clearing, settlement, and payments.

UOB and its subsidiary UOB China have signed agreements to become direct participants of the cross-border interbank payment system (CIPS).

With this, UOB will provide one-stop cross-border renminbi (RMB) clearing, settlement, and payment services to businesses and financial institutions both within and outside China.

UOB clients are expected to enjoy real-time gross settlement and remittance, whilst reducing intermediate steps with lower payment and clearing costs.

UOB will also expand its trading network by connecting more than 1,600 CIPS participants globally and handling cross-border RMB payments and settlements on behalf of indirect participants.