CBPR+ (ISO 20022)
PAYMENTS SIGNAL · REFERENCE CARDCIPS cross-border RMB payment
Asha Traders pays a Chinese supplier in renminbi; the payment clears and settles onshore through CIPS, the PBoC-overseen cross-border RMB system.
Actors
- Bank Alfa (payer's bank, CIPS indirect participant)bank
- Cassia Bank (CIPS direct participant, onshore)bank
- CIPS (Cross-border Interbank Payment System)infrastructure
- Nordbank (supplier's bank in China)bank
- PBoC settlement (People's Bank of China)infrastructure
Messages
- RMB payment instruction
- CIPS payment message
The sequence
| # | Step | Route | Kind |
|---|---|---|---|
| 1 | RMB instruction — Bank Alfa sends the RMB instruction to its direct participant | Bank Alfa → Cassia | message |
| 2 | Submit to CIPS — Cassia submits the payment into CIPS | Cassia → CIPS | message |
| 3 | Clear — CIPS processes and clears the payment | CIPS | clearing |
| 4 | Settle onshore — The renminbi settles onshore under PBoC oversight | PBoC | settlement |
| 5 | Deliver — CIPS delivers the payment to Nordbank | CIPS → Nordbank | message |
| 6 | CR supplier — Nordbank credits the Chinese supplier | Nordbank | posting |
Exception rails
| Rail | Trigger | Where the money ends up | Next action |
|---|---|---|---|
| Indirect participant needs more information | Cassia, the direct participant, finds the instruction is missing information CIPS requires from an onshore submission, so it cannot submit yet. | Held at Bank Alfa pending the missing detail, then submitted and delivered once resolved. · Not yet settled while the information was outstanding; settles onshore after submission. | Cassia — Bank Alfa records which onshore fields CIPS requires so future RMB instructions carry them and reach the direct participant complete. |