Taiwan's CIFS Settles NT$2.2 Trillion Daily as DVP Adoption Reaches 58 Percent

The Central Bank of the Republic of China operates CIFS as Taiwan's core RTGS hub, connecting 85 participants across six domestic clearing platforms with DVP-based settlement covering 58 percent of interbank government securities transactions as of mid-2025.

The CBC Interbank Funds Transfer System settled approximately NT$547 trillion in 2023. The daily average reached NT$2.2 trillion. Operated by Taiwan's central bank, CIFS functions as the hub of the island's domestic payment and settlement infrastructure. The system connects six separate clearing platforms run by FISC, TCH, NCCC, TDCC, TWSE, and TPEx.

CIFS has 85 direct participants. The membership comprises 39 domestic banks, 31 local branches of foreign banks, 8 bills finance corporations, 6 clearing institutions, and Chunghwa Post. The system operates from 09:00 to 17:40 Taiwan Standard Time on a real-time gross settlement basis. Participants access intraday liquidity by pledging eligible collateral to the CBC.

CIFS supports delivery-versus-payment and payment-versus-payment settlement modes. DVP processing was introduced for bills transactions in April 2004. It was extended to government bonds in April 2008. As of June 2025, DVP-based settlement covered 58.02 percent of all interbank central government securities transactions. PVP settlement for foreign currency swaps has been available since February 2014. Taiwan's USD clearing operates separately through Mega International Commercial Bank.