CNAPS explanation

The CNAPS is a CNY payment system in the Mainland of China. Each Participating Bank is assigned with a unique 12-digit CNAPS bank code by the Peoples’ Bank of China. Remitting banks in the Mainland can simply input the CNAPS bank code of a Participating Bank for direct credit of funds through CNAPS into the settlement account maintained by the Participating Bank with the Clearing Bank, and vice versa. Since each branch of the Mainland banks has its unique CNAPS bank code, the Participating Banks are able to enjoy accurate point-to-point remittance service, minimising the remittance time.