PBoC and Swift to offer cross-border payments services
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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