The launch of CIPS was another milestone in the construction of China's financial market infrastructure, which marked vital progress in developing China's modern payment system that integrated domestic, and overseas payments of RMB.

CIPS significantly facilitated RMB being officially included in the special drawing rights (SDR).

[5][6] In September 2017, as one of the MOU's plans signed between SWIFT and CIPS, reference data indicating financial institutions’ direct and indirect participation in CIPS will be published via SWIFTRef and updated on a monthly basis.

This data covers BIC, LEI, national bank codes, IBAN data, standing settlement instructions, credit ratings, and financial institutions’ memberships to domestic and cross-border payment market infrastructures.

On 9 October, CIPS (phase 2) implemented the Delivery Versus Payment (DVP) settlement and supported Northbound Trading of Bond Connect, which would reduce settlement risks and improve the efficiency of cross-border bond transactions.

[1][2] By the end of 2019, CIPS had 33 direct and 903 indirect participants (from 94 countries and regions) with an increase of 74% and 413% compared to 2015, respectively.

Through these direct and indirect participants, the network of CIPS has reached 3000+ banking institutions in 167 countries and regions.

SWIFT cooperates with international organizations to define standards for message format and content.

[16] As academic Tim Beal summarizes, CIPS is among the responses to sanctions imposed by the United States, which commentators view as contributing to de-dollarization.