Xinhua News Agency, Beijing, January 23 (China Securities Journal reporter Peng Yang) Following the central bank’s public consultation on the”Regulations on Non-Bank Payment Institutions (Draft for Comment)”,”Customers of Non-Bank Payment InstitutionsPreparation Fund Depository Measures (hereinafter referred to as the Measures) has also come.
Dong Ximiao, chief researcher of China Merchants Union Finance, said that the”Measures” reflect the unity of”strict supervision” and”strong service” of the payment service market by the regulatory authorities, which will help promote the healthy and stable development of payment institutions and enhance payment Service market vitality and competitiveness.
(Picture description) Picture source:People’s Bank of China
(Subtitle) Fully centralized deposit to the People’s Bank of China or a commercial bank that meets the requirements
my country’s non-bank payment industry has developed rapidly, and payment methods and products have been introduced and become an important supplement to the payment system. The “Measures” clarified that the customer reserve fund refers to the monetary funds received in advance and pending payment actually received by non-bank payment institutions for the payment business entrusted by customers.
In the view of Dong Ximiao, chief researcher of China Merchants Finance, the regulatory authorities have always attached great importance to the guidance and supervision of the non-bank payment industry.
He believes that compared with general funds, the reserve fund has three characteristics:First, the ownership of the reserve fund belongs to the customer, not the self-owned property of the payment institution, but the funds are transferred to the payment institution After that, consumers cannot manage; second, payment institutions will deposit the reserve funds in commercial banks in their own name, and have de facto control and use rights, and there is a risk of occupation or misappropriation of the reserve funds; third, reserve funds Gold is different from the customer’s own bank deposits and is not protected by the Deposit Insurance Regulations, and consumer rights are vulnerable to infringement. Just like the deposit for shared bicycles, after being embezzled by related companies, it is difficult to return them in time.
Zhou Maohua, an analyst at the Financial Markets Department of China Everbright Bank, said that in the medium and long term, relevant systems will speed up the shortcomings, which will help the development of the non-bank payment industry, focusing on technology and service innovation, and preventing payment institutions Potential risks, and effectively protect the legitimate rights and interests of customers.
The person in charge of the relevant department of the central bank said that compared with the original provision method, the”Measures” mainly clarified the following five aspects:
First, stipulate the full amount of the provision Centralized deposit to the People’s Bank of China or a commercial bank that meets regulations.
The second is to stipulate that the transfer of the client’s reserve funds should be handled through a clearing agency that meets the requirements.
The third is that the”Measures” specify in detail the scope and method of reserve funds withdrawal, deposit, and transfer of self-owned funds, and clarify the transfer of reserve funds arising from compliance cooperation between payment institutions Through a clearing agency that meets the requirements.
Fourth, the”Measures” clarify the supervision and management responsibilities of the People’s Bank of China, its branches, clearing institutions, and reserve banks with respect to customer reserve funds.
Fifth, the”Measures” add provisions for penalties for violations of provisions.
With regard to the requirements for provision management, Zhou Maohua, an analyst at the Financial Markets Department of Everbright Bank, said that the”Regulations” emphasized that this will help reduce the credit risk of non-bank payment institutions and, at the same time, help prevent customer preparations. The illegal misappropriation of payment by third-party payment and other non-bank institutions effectively protects the legitimate rights and interests of customers.
“The practice of centralized management of the full amount of reserve funds has been tried and explored in China, and this regulation has basically no impact on the normal operation of the current payment institutions.” Zhou Maohua said.
(Subheading) Regulations on optimizing the management of three types of specific business accounts such as fund sales
For cross-border RMB payments, What are the regulations for fund sales payment and cross-border foreign exchange payment accounts? The person in charge of the relevant department of the central bank said that the”Measures” fully consider the demands of market institutions and optimize the management regulations for three types of specific business accounts.
(picture description) Picture source:People’s Bank of China
In addition, the method also clarifies the above-mentioned special deposit accounts for funds to be settled by payment institutions and their domestic merchants and customersThe transfer of funds between bank settlement accounts shall be handled by the clearing institution through the centralized reserve fund depository account.
At the same time, in order to comply with regulatory requirements, the”Measures” established a reserve fund supervision and management system composed of the People’s Bank of China and its branches, clearing institutions and reserve banks. The People’s Bank of China and its branches conduct comprehensive supervision and management of customer reserve fund depository business activities and conduct inspections. The clearing institution supervises the storage, use and transfer of the reserve funds in the centralized depository account of the client’s reserve funds, and monitors related risks. The reserve bank supervises the deposit, use, and transfer of the reserve funds in the special deposit account for prepaid card reserve funds, and monitors related risks.
The above-mentioned person in charge stated that since the payment institution can choose multiple clearing institutions to cooperate at the same time, the”Measures” stipulates that it should select a clearing institution as the main supervisory institution, and its Overall supervision of storage, use and transfer. The remaining cooperative clearing institutions and reserve banks shall cooperate with the main reserve supervisory institution to implement reserve supervision.
In addition, the person in charge emphasized that with the development of payment business, especially with the development of bar code payment and other emerging With the rise of payment products, the cooperation between payment institutions has gradually increased, which has resulted in the mutual transfer of provisions between payment institutions. In order to meet the needs of market development, the People’s Bank of China has regulated the transfer of provisions arising from compliance cooperation between payment institutions. The “Measures” stipulate that the cooperation between payment institutions shall comply with the relevant regulations of the People’s Bank of China. The transfer of customer reserves based on real transactions arising from the cooperation between payment institutions shall be handled through the clearing institution, and the payment institution shall provide transaction flow, The information of the payee and payer indicates the actual occurrence of the transaction. At the same time, in order to improve transaction transparency and prevent capital risks, it is clearly stipulated that payment institutions shall not directly open payment service interfaces to each other, and shall not open payment accounts with each other, as well as transfer customer reserves. (End)