PBoC to Launch 2nd Generation Banking System in Late August
Oriental Morning Post, 8/10/10
A spokesperson for the Payment and Settlement office of the People's Bank of China revealed that according to the PBoC's timetable, the second-generation online banking system developed by the PBoC to connect commercial banks' online banking systems is set to go online in late August. The spokesperson said that commercial banks have already entered the testing stage for the new system, having already completed system upgrades and opened API ports.
At present, the commercial banks have only made preparations for the physical architecture of the system; other issues, including rates for real-time inter-bank transfers and inter-bank balance inquiries, have yet to be determined pending any official notice. An electronic channels service employee at one publicly held bank said that the banks were still waiting for related regulations and systemic arrangements to be released.
A source inside the PBoC said that while the "Super Online Bank" is intended initially for group or enterprise clients of commercial banks, some of the functionality will be available to individual bank customers, who upon the system's launch will be able to sign an agreement for online banking authorizing the activation of real-time inter-bank transfer and inter-bank balance inquiry functionality.
Editor's Note: For more background on this topic, please see "Rumor: PBoC to Release Banking Platform in August" MD 4/02/10 issue.
Keywords: Internet online banking People's Bank of China regulation
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