Scenario Functions

Adhering to its positioning of facilitating small-value, people-oriented payments, the Cross-Border Payment Connect supports participating institutions in processing cross-border remittances under current account items for residents in both regions. Through the cross-border interconnectivity enabled by the Cross-Border Payment Connect, local residents in eligible regions can utilize bank account numbers, mobile phone numbers, email addresses, or other proxy IDs to process bilateral local currency and bilateral RMB facilitated remittances within a certain limit, as well as convenient and beneficial cross-border financial services such as tuition payments, medical bill payments, and the disbursement of salaries, allowances, and subsidies.

Overview

The Cross-Border Payment Connect refers to the linkage between the Chinese mainland's fast payment system (Internet Bank Payment System, IBPS) and the fast payment systems of other monetary authorities, coupled with supporting policy arrangements, to provide efficient, convenient, and secure cross-border payment services for domestic and foreign residents and enterprises.

Business Process

The Cross-Border Payment Connect integrates the domestic Internet Bank Payment System (IBPS) with overseas fast payment systems, enabling convenient and seamless cross-border remittances.