Chinese banks join Swifts payments initiative

The banks involved in this partnership that aims at facilitating more co-operation between Eurasian countries are Yinzhou Bank and Bank of Ningbo (Zhejiang province) and the Bank of Jiangsu (Jiangsu province); they bring the number of Chinese banks involved to 16.

Bank of China and Industrial and Commercial Bank of China (ICBC) have already joined the initiative, the payments system provider’s gpi having over 110 banks that have signed up so far.