Payment solution to increase trade in Belt & Road regions

Ten Chinese banks have adopted a cross-border payment service featuring transaction timeliness and real-time traceability as they accelerate their global reach to handle surging complex business needs fueled by the Belt and Road Initiative.

Bank of China, Industrial and Commercial Bank of China, China Construction Bank and seven other domestic banks have adopted the global payments innovation service, an international payment facilitator by the Society for Worldwide Interbank Financial Telecommunication, a member-owned financial institution network.

With another 17 Chinese banks in the pipeline, these participating banks combined handle an estimated 86 percent of all cross-border payment traffic conducted by Chinese banks on the Chinese mainland, according to SWIFT figures released on Tuesday.