CCNet Cross-border Service built on the SHCH’s expertise in risk management, clearing and settlement as well as CIPS payment system framework. It provides a safer, more reliable and convenient payment and settlement environment for cross-border commodity transactions to effectively address the challenges of low efficiency and payment difficulties in traditional offline trade.
The first batch of cross-border service includes 4 spot clearing members, Bank of China, Bank of China (Hong Kong), China Construction Bank and Industrial and Commercial Bank of China.
1. Key Features
1.1 Enhanced Security and Compliance.
CCNet Cross-border Service utilizes the corporate entity account to clear and settle funds, employing a delivery-vs-payment (DvP) mechanism.
1.2 Real-time Interbank Settlement Efficiency.
Leveraging direct connectivity to CIPS, CCNet Cross-border Service achieves the fastest T+0 fund settlement possible.
1.3 End-to-End Digital Process.
CCNet Cross-border Service provides full-process digitalization. Its standardized interface facilitates seamless electronic transaction data transmission, document review, and fund clearing and settlement.
2.Access for Overseas Banks
Oversea institutions may apply for CCNet spot clearing membership. The application materials would include relevant risk management framework documents and the sample agreements with clients.
