Cross-Border Interbank Payment Systems (CBIPS)

Cross-Border Interbank Payment Systems (CBIPS) are networks that enable banks across different countries to securely and efficiently process international transactions. They facilitate the transfer of funds, ensuring that money sent from a bank in one country reaches a bank in another swiftly and securely. CBIPS improve the speed, transparency, and reliability of cross-border payments, reducing costs and complexities involved in international transfers. Examples include SWIFT and other regional systems that coordinate and standardize communication between financial institutions worldwide for seamless global transactions.