The difference between cips and cnaps

CNAPS China Modern Payment System is built, operated and managed by the Clearing Center of the People's Bank of China, which mainly provides the final capital settlement for the payment business between financial institutions and between financial institutions and the People's Bank of China, mainly including large real-time payment system (HVPS), small batch payment system (BEPS) and online payment interbank clearing system (IBPS). CNAPS is the core and bottom system for the final settlement of various payment activities in China.

CIPS RMB cross-border payment system is a special payment system for RMB cross-border payment and clearing business. In practice, indirect participants cannot directly handle cross-border payment business through CIPS. CIPS system is mainly responsible for the clearing of cross-border RMB.

The system started construction in April, 20 12, and was officially launched on August, 20 15/kloc-0. On March 26th, 20 18, CIPS system (Phase II) was successfully put into production. The CIPS system mainly has the following characteristics: (1) The running time is 5×24 hours +4 hours, achieving full coverage of financial markets in all time zones in the world; (2) Real-time full settlement and regular net settlement are adopted to meet the differentiated needs of participants; (3) Adopt the internationally accepted ISO20022 message standard, fully consider the conversion requirements with SWIFT messages, facilitate the direct processing of cross-border business, support future business development needs, and improve clearing efficiency. Therefore, CIPS can solve the shortage of HVPS to a great extent, improve the efficiency of RMB cross-border payment and settlement, and promote the internationalization of RMB. In order to make a smooth transition from the previous "clearing bank model" and "correspondent bank model", CIPS participants are divided into direct participants and indirect participants. However, unlike the correspondent bank model, CIPS assigns each participant a system line number as its unique identification.

2. Take the customer remittance business of CIPS as an example. The main process is as follows: (1) Within the specified time in the business preparation stage of CIPS system, the direct participants inject the minimum amount of funds into the CIPS account through HVPS to complete the capital injection into the CIPS account; (2) Direct participants initiate a "customer remittance message" to CIPS; (3)CIPS checks the message after receiving it, and checks the service queue if it passes the check; (4) When there is no queuing service with higher priority or the same priority, CIPS checks whether the available balance of CIPS account of the initiating direct participant is greater than or equal to the transaction amount. If the available balance is sufficient, debit the initiating direct participant CIPS account and credit the receiving direct participant CIPS account (real-time full settlement method).