NBG: China Cross-Border Interbank Payment System is considered as an additional payment method, a regional diversification mechanism, and not a replacement system for SWIFT, it is not an alternative to SWIFT

Cooperation with the China Cross-Border Interbank Payments System (CIPS) is important for the country, it is not an alternative to SWIFT, - reads a statement issued by the National Bank.

According to them, any opinion related to the replacement of SWIFT with any system, including CIPS, is complete misinformation.

“Cooperation with the China Cross-Border Interbank Payment System (CIPS) is important for the country, as it creates new opportunities for banks involved in the system to improve the efficiency of transfers for companies engaged in trade between Georgia and China. In particular, the CIPS system allows for direct transactions in yuan without intermediary financial institutions, which reduces costs during payment. This will be an additional channel for mutual transfers in yuan between Georgian and Chinese banks to become more transparent, direct and cost-effective, and the payment process itself to become even more sustainable and reliable. It is also worth noting that this will be an additional factor for the country's economic strengthening, given that China is one of Georgia's largest trading partners.

As for the speculative statements spread on this topic that CIPS is supposedly an alternative to SWIFT and will replace it, we emphasize that it is not an alternative to SWIFT. It is worth noting that as of June 2025, more than 4,900 financial institutions from 189 countries are involved in the CIPS network. Among them, 261 are from Europe, 34 from North America, 34 from South America, and 22 from Australia/Oceania, most of which simultaneously use SWIFT and CIPS, as well as possibly other regional payment systems.

CIPS is mainly focused on transfers in Chinese yuan, while SWIFT covers many currencies. Accordingly, we consider CIPS only as an additional payment method, a regional diversification mechanism, and not a replacement system for SWIFT. Therefore, any opinion related to the replacement of SWIFT by any system, including CIPS, is complete misinformation.

It should also be noted that the relationship of the National Bank of Georgia with SWIFT is of strategic importance and this relationship has been deepening more and more recently. National Bank of Georgia "oversees the implementation of the new SWIFT format - ISO20022 in the Georgian banking system, leads the SWIFT National Team in Georgia and actively participates in pilot programs of new SWIFT products and functionalities. This partnership spans decades and will continue unchanged in the future, ensuring the country's high-quality integration with the global financial infrastructure," reads the information.