Cross-Border Interbank Payment System
Doing business with China should be straightforward. Through the Cross-Border Interbank Payment System (CIPS), Stanbic Bank Ghana offers a more direct way to send and receive Chinese Yuan payments.
For businesses and individuals who make payments to or receive payments from China, CIPS provides a faster, more direct route with no change to the way you bank with Stanbic.
Why choose CIPS?
Designed for Africa–China Trade
Offers a secure and efficient Chinese Yuan payment solution for businesses trading with China
Smarter Payment Processing
Eligible Chinese Yuan payments submitted by 2:00pm GMT with complete documentation can be processed the same day and settle by the next business day.
Seamless Client Experience
Keep using your existing banking channels and processes – no new systems or integrations are required.
Improved Payment Visibility
A more direct payment route helps reduce delays and provides greater transparency throughout the payment process.
Who can benefit?
CIPS is ideal for businesses and individuals looking to make direct Chinese Yuan payments from Ghana.
Businesses
- Import goods from China and pay suppliers seamlessly
- Trade directly in Chinese Yuan, reducing the need for multiple foreign exchange conversions
- Make regular payments to Chinese partners and vendors
- Manage China-related transactions faster and more efficiently
Individuals
- Pay for goods and services in China
- Make healthcare and medical-related payments
- Pay school fees and other educational expenses
- Send money to family and loved ones in China seamlessly
How it works
- You must hold an account with Stanbic Bank Ghana
- Visit any Stanbic Bank branch
- Indicate Chinese Yuan as the payment currency
- Provide the required supporting documentation
- Submit your request by 2:00pm GMT for next-business-day settlement, subject to regulatory and compliance requirements
Getting started
| How to initiate CIPS payment on Internet Banking/Enterprise Online: |
|---|
|
Talk to us
- Kindly contact your Relationship Manager
- Contact our customer care centre on 0302815789 or via email [email protected]
-
Who can benefit?
-
How it works
-
Getting started
-
Talk to us
CIPS is ideal for businesses and individuals looking to make direct Chinese Yuan payments from Ghana.
Businesses
- Import goods from China and pay suppliers seamlessly
- Trade directly in Chinese Yuan, reducing the need for multiple foreign exchange conversions
- Make regular payments to Chinese partners and vendors
- Manage China-related transactions faster and more efficiently
Individuals
- Pay for goods and services in China
- Make healthcare and medical-related payments
- Pay school fees and other educational expenses
- Send money to family and loved ones in China seamlessly
- You must hold an account with Stanbic Bank Ghana
- Visit any Stanbic Bank branch
- Indicate Chinese Yuan as the payment currency
- Provide the required supporting documentation
- Submit your request by 2:00pm GMT for next-business-day settlement, subject to regulatory and compliance requirements
| How to initiate CIPS payment on Internet Banking/Enterprise Online: |
|---|
|
- Kindly contact your Relationship Manager
- Contact our customer care centre on 0302815789 or via email [email protected]
Frequently asked questions
Is CIPS replacing SWIFT?
No. CIPS is an additional payment route specifically for eligible RMB/CNY transactions. Payments in USD, EUR, GBP and other currencies continue to be processed through existing payment rails, including SWIFT.
Do I need a RMB account?
Not necessarily. RMB payments can be initiated from your Ghana cedi account, subject to applicable requirements and regulations.
Will I need new systems or software?
No. You can continue using your existing banking channels and payment processes.
Are all payments routed through CIPS?
No. Only eligible Chines Yuan payments to participating CIPS banks will be processed through the network.
Will trade finance products change?
No. Trade finance products and processes remain unchanged. CIPS only enhances the RMB payment leg of eligible transactions.
What makes CIPS special?
Speed. Simplicity. Certainty. By providing a more direct RMB payment route, CIPS helps businesses and individuals:
- Reduce payment turnaround times
- Improve settlement efficiency
- Eliminate the need to carry physical foreign currency for settlement