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Companies using CIPS save millions annually: CIPS charges $1,000 and takes one hour to process a 170,000 m³ LNG cargo worth $70 million. SWIFT takes 2-3 days and …
Oh damn: hard paywall.
I have no idea how accurate or up-to-date this is: Ultimate guide to bank payments to China
Costs: SWIFT costs include fixed fees per transaction, plus varying commissions depending on the bank, typically ranging between $25 and $50 per transfer. Additionally, intermediary banks may apply extra charges, increasing the overall transaction cost.
Costs: CIPS fees are generally lower than SWIFT, especially if the transaction is conducted in Chinese yuan. On average, CIPS fees can be up to 30% cheaper.
Oh yeah, I think saw Ben Norton talk about this a while back. CIPS is a lot cheaper and faster than SWIFT.
article not paywalled for me. They compare paying for LNG shipment. $1000 under CIPS. $575k under SWIFT.
Can US company use it?
seems like at least some banks in US are connected to it, so that would mean a yes on that https://statrys.com/blog/what-is-cips-china