Cross-Border Interbank Payment System (CIPS)
Doing business with China should be simple and efficient. Through the Cross-Border Interbank Payment System (CIPS), Stanbic Bank Tanzania enables businesses and individuals to send and receive Chinese Yuan (CNY) payments through a faster and more direct payment network. Whether you're importing goods, paying suppliers, receiving trade proceeds or conducting other business transactions with China, CIPS offers a streamlined payment experience while allowing you to continue banking with Stanbic as usual.
Why Choose CIPS?
Improved Payment Visibility
A more direct payment route helps reduce delays and provides greater transparency throughout the payment process.
Designed for Africa-China Trade
Offers a secure and efficient Chinese Yuan payment solution for businesses trading with China
Seamless Client Experience
Keep using your existing banking channels and processes, no new systems or integrations are required.
Smarter Payment Processing
Eligible Chinese Yuan payments submitted with complete documentation can be processed the same day and settle by the next business day
Who can benefit?
CIPS is ideal for businesses and individuals looking to make direct Chinese Yuan payments from Ghana.
Businesses
- Import goods from China and pay suppliers seamlessly
- Trade directly in Chinese Yuan, reducing the need for multiple foreign exchange conversions
- Make regular payments to Chinese partners and vendors
- Manage China-related transactions faster and more efficiently
Individuals
- Pay for goods and services in China
- Make healthcare and medical-related payments
- Pay school fees and other educational expenses
- Send money to family and loved ones in China seamlessly
How it works
- You must hold an account with Stanbic Bank Tanzania
- Visit any Stanbic Bank branch
- Indicate Chinese Yuan as the payment currency
- Provide the required supporting documentation
Getting started
How to initiate CIPS payment on Internet Banking/ Biashara Online
- Log in to ibanking or to Biashara Online with your credentials
- Select Pay and transfer (Top middle button)
- From the left pane, select International payments and select Pay after reading the information
- Confirm details, click next
- Select Reference Number or click Live Rates
- Provide beneficiary details
- Under Currencies, select Chinese Yuan
- Use the dropdown menu, select the applicable payment fee arrangements, purpose code and sector classification
- Upload all required supporting documents and click next
- Review and accept the terms and conditions
- Submit for approval (multi-hold director) / submit for processing (sole proprietors)
How to initiate a CIPS Payment on Business Online:
- Log in to Business Online
- Navigate to Funds Transfer and select Create Payment.
- Click Select Account and choose the Margin Account as the originating (debit) account.
- Under Transfer Currency, select CNY.
- Click Select Beneficiary and choose the pre-created beneficiary.
- If the beneficiary has not been created, select Add Ad-Hoc Beneficiary, enter the beneficiary details, and click Submit.
- For transactions below the equivalent of USD 10,000, proceed using the indicative exchange rate.
- For pre-booked foreign exchange deals, enter the agreed rate in the Pre-Booked Deal field.
- Enter the transaction amount.
- In the Debit/Credit Reference field, begin the reference with CIPS or CNY.
- Click Upload and attach all required supporting documents.
- Review the payment details and submit the transaction for processing
Talk to us
- Kindly contact your Relationship Manager
- For our Business & Commercial Banking client, kindly reach out to us through 0800751021 or via [email protected]
- For our Corporate & Investment Banking client, kindly reach out to us through 0800751020 or via [email protected]
- For our Personal/Individual client, kindly reach out to us through 0800751111 or via [email protected]
-
Who can benefit?
-
How it works
-
Getting started
-
Talk to us
CIPS is ideal for businesses and individuals looking to make direct Chinese Yuan payments from Ghana.
Businesses
- Import goods from China and pay suppliers seamlessly
- Trade directly in Chinese Yuan, reducing the need for multiple foreign exchange conversions
- Make regular payments to Chinese partners and vendors
- Manage China-related transactions faster and more efficiently
Individuals
- Pay for goods and services in China
- Make healthcare and medical-related payments
- Pay school fees and other educational expenses
- Send money to family and loved ones in China seamlessly
- You must hold an account with Stanbic Bank Tanzania
- Visit any Stanbic Bank branch
- Indicate Chinese Yuan as the payment currency
- Provide the required supporting documentation
How to initiate CIPS payment on Internet Banking/ Biashara Online
- Log in to ibanking or to Biashara Online with your credentials
- Select Pay and transfer (Top middle button)
- From the left pane, select International payments and select Pay after reading the information
- Confirm details, click next
- Select Reference Number or click Live Rates
- Provide beneficiary details
- Under Currencies, select Chinese Yuan
- Use the dropdown menu, select the applicable payment fee arrangements, purpose code and sector classification
- Upload all required supporting documents and click next
- Review and accept the terms and conditions
- Submit for approval (multi-hold director) / submit for processing (sole proprietors)
How to initiate a CIPS Payment on Business Online:
- Log in to Business Online
- Navigate to Funds Transfer and select Create Payment.
- Click Select Account and choose the Margin Account as the originating (debit) account.
- Under Transfer Currency, select CNY.
- Click Select Beneficiary and choose the pre-created beneficiary.
- If the beneficiary has not been created, select Add Ad-Hoc Beneficiary, enter the beneficiary details, and click Submit.
- For transactions below the equivalent of USD 10,000, proceed using the indicative exchange rate.
- For pre-booked foreign exchange deals, enter the agreed rate in the Pre-Booked Deal field.
- Enter the transaction amount.
- In the Debit/Credit Reference field, begin the reference with CIPS or CNY.
- Click Upload and attach all required supporting documents.
- Review the payment details and submit the transaction for processing
- Kindly contact your Relationship Manager
- For our Business & Commercial Banking client, kindly reach out to us through 0800751021 or via [email protected]
- For our Corporate & Investment Banking client, kindly reach out to us through 0800751020 or via [email protected]
- For our Personal/Individual client, kindly reach out to us through 0800751111 or via [email protected]