CIPS Co, a Shanghai-based company that specializes in cross-border settlement, has launched new products and services in Lin-gang Special Area of the China (Shanghai) Pilot Free Trade Zone.

The new products and services include CIPS full account remittance, cross-bank data visualization, Application Programming Interface (API) access services and automated testing services. The functionality of the CIPS has also been further improved to enhance its capability and level of service for cross-border renminbi transactions.

Lin-gang Special Area serves as a significant gateway for opening-up in the financial sector in China, and CIPS is an important financial infrastructure that facilitates cross-border renminbi transactions. Both play crucial roles in the development of Shanghai as an international financial center.

In recent years, the functionality and network coverage of the CIPS system has been constantly expanded to provide efficient, convenient and secure fund payment and clearing services for various cross-border renminbi businesses.

As of the end of November, there were 1,482 participants in the CIPS, which covers over 4,400 legal banking institutions in 182 countries and regions.

Xu Zaiyue, president of CIPS Co, said that his company has conducted in-depth research, listened to opinions and suggestions from domestic and foreign market entities, and developed a batch of innovative products and services to fully leverage the role of CIPS as the "main channel" for cross-border renminbi payment and clearance.