PBoC and Swift to offer cross-border payments services
Joint venture will set up local network and data centre to support financial messaging, PBoC says
The People’s Bank of China announced that its joint venture with payments consortium Swift will start offering cross-border transaction services.
The Finance Gateway Information Services Company will set up a Chinese network for financial messaging services, the PBoC announced on March 23. The firm will also set up a localised data warehouse to monitor and analyse cross-border payment messaging.
Some small and medium-sized banks in China have experienced unstable connections to the Swift
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