China central bank says new SWIFT JV will set up localized data warehouse

The People’s Bank of China said yesterday that the newly established joint venture with the Belgium-based SWIFT financial messaging service will set up a localized data warehouse to monitor and analyze cross-border payment messaging.

Due to unstable connectivity reported by some small Chinese banks affecting cross-border transactions, the Beijing-based entity will build a localized network to ensure a more stable, resilient and secure connection to the main SWIFT network, the central bank added.

The new entity, called Finance Gateway Information Services Co, was established in Beijing on January 16, and its business scope includes information system integration, data processing and technological consultancy, according to the website of the National Enterprise Credit Information Public System.

Other shareholders of the venture include China’s Cross-border Interbank Payment System and the Payment & Clearing Association of China.