The company Cross-Border Interbank Payment System Co Ltd – which runs China's Cross-Border Interbank Payment System, or CIPS – held an exchange event with the Swiss-based Global Legal Entity Identifier Foundation, or GLEIF in the Lin-gang Special Area in East China's Shanghai on March 15.

During the event, the company discussed efforts to implement international standards in China, particularly ISO 20022 and the standard for LEI, or Legal Entity Identifiers – which facilitate banks processing individual payments and transactions with other banks around the world.

They collaborated with banks and enterprises to develop a range of product services – including a payment lens, centralized account visibility, full-value transfers and an application programming interface access.

These services aim to address issues such as inconsistent standards, lengthy processes and low transparency in cross-border payments, particularly within the CIPS.

The company's president, Xu Zaiyue, highlighted the positive market feedback received after a pilot application of these product services.

He called for more participation from commercial banks and enterprises in the research and application of CIPS products and functionalities.

Additionally, the company actively contributes to international standard governance – serving as the convener of the ISO 20022 standard review opinion research group and the ISO 20022 standard revision working group.

It has also contributed to the research and revision of the new generation ISO 20022 standard. Moreover, it's joined the CPMI Cross-border Payments Interoperability and Expansion, or PIE working group to promote international standards coordination infrastructure.

Yang Jing, CFO of the Shanghai Lingang Economic Development (Group) Co Ltd, emphasized the importance of renminibi cross-border payment clearing services. That's in supporting the high-quality development of the real economy and the Belt and Road Initiative.

CIPS is said to play a vital role in enhancing China's financial market's international influence and promoting the diversification of the global financial system.