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China central bank pushes local financial service through SWIFT JV

Abstract : China's central bank on Tuesday announced that a joint venture (JV) between global financial messaging service provider SWIFT and four Chinese institutions will offer localized financial services to make cross-border transactions more stable and secure.

BEIJING, March 23 (Xinhua) — China’s central bank on Tuesday
announced that a joint venture (JV) between global financial messaging
service provider SWIFT and four Chinese institutions will offer
localized financial services to make cross-border transactions more
stable and secure.

The JV will provide financial gateway services to SWIFT domestic
users, including building and running local network concentrations and
local data warehouses, according to a statement by the People’s Bank of
China.

As China deepens opening-up in the financial industry, more and more
domestic institutions use the cross-border financial network and
information services provided by SWIFT, which calls for higher standards
in business continuity and stability, as well data compliance and
security.

Some medium- and small-sized Chinese banks had previously reported
unstable connectivity to the SWIFT network, which affected cross-border
transactions, the central bank noted.

Through the local network concentration offered by the JV, users can
access stable, resilient and safe connections to the main SWIFT network
to avoid abnormal situations such as network interruption, the central
bank explained. Enditem

About Xinhua Silk Road

Xinhua Silk Road (en.imsilkroad.com) is the Belt and Road Initiative (BRI) portal. China’s silk road economic belt and the 21st century maritime silk road website, include BRI Policy, BRI Trade, BRI Investment, Belt and Road weekly, Know Belt and Road, and the integrated information services for the Belt and Road Initiative (BRI).

Source: China central bank pushes local financial service through SWIFT JV

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