The CBC Interbank Funds transfer System (CIFS) was established in 1995, operated and governed by the Bank. Participants of the CIFS include banks, investment and trust companies, and bills finance companies. For those who maintain transaction accounts with the Bank they may directly use the CIFS to transfer funds. Payment instructions are also sent over the CIFS for settling obligations on check clearing, adjusting reserve account balances, or making payments associated with interbank loans, bill transactions, and bond transactions.

Previously, the CIFS is operated in a dual system of designated -time netting and real-time gross settlements. To minimize settlement risk, the Bank abolished designated-time settlements in September 2002. That is, the CIFS is a real-time gross settlement (RTGS). Payments are processed through the CIFS individually and continuously during the day in real time.

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