OREANDA-NEWS. August 20, 2014. Citibank (China) Co., Ltd. ("CCCL") announced its successful connection with the second generation of China National Advanced Payment System ("CNAPSII"), making it one of the first foreign banks doing so in Shanghai.

Constructed by the People's Bank of China ("PBOC"), the CNAPSII aims to enhance the functionality and security level of the existing system by adopting an international standard messaging type and a more advanced security control process. Benefits include stronger information management and data warehousing function, flexible access, a strong clearing mode as well as comprehensive liquidity risk management. In addition, the CNAPSII provides more secure, convenient and efficient clearing services for participating institutes as it supports the growth of business with new electronic payment channels and optimal RMB cross-border clearing functions.

"Citi is delighted to become one of the first foreign banks in pioneering CNAPSII through direct connection, reinforcing our leadership in transaction services particularly in clearing capability. With this enhanced system, our global platform and local expertise, we believe Citi is uniquely positioned to deliver a set of world-class treasury clearing products and services to our clients in China in a more efficient and cost-effective way," noted Yigen Pei, Head of Treasury & Trade Solutions for Citi China.

Citi leads the way in delivering innovative and tailored treasury and trade solutions for corporate clients across China with a number of pioneering solutions. Examples include the establishment of the first cross-region clearing system in China in 1990s, the market-leading electronic and digitized banking platforms, electronic Tax payment system including TIPS (Treasury Information Processing System) and E-Customs as well as a number of market-leading RMB cross-border solutions.

Furthermore, Citi's leadership is evidenced by strong confidence from the clients. According to People's Bank of China, Citi tops foreign banks in terms of BEPS (Bulk Electronic Payment System) transaction volume in Shanghai in 2013.