Cao Zhen

A REAL-TIME inter-bank Internet banking system was launched by the People’s Bank of China (PBOC) yesterday to allow customers access to different accounts on one bank Web site.

The system, which is still on trial in Shenzhen, Guangzhou, Beijing and Tianjin, will be open to companies first and later extended to individual customers. In October and November, the system will take in 10 more cities, including Shanghai, Changsha and Nanjing.

Unlike the existing Internet banking system, which is managed by individual banks, “Super e-Banking” can facilitate inter-bank money transfers at any time and balance inquiries on just one bank Web site.

With the existing system, the transfer service is available only during business hours and usually takes one or two days. And the current Internet banking system only allows customers to log on to different bank sites to manage their accounts.

The central bank introduced the second-generation payment system at a product briefing in December, saying the new system would provide banks and other financial institutions with flexible access methods.

The method of charging has not been finalized yet and the banks participating in the Shenzhen pilot are awaiting for further instructions from the PBOC, according to a local source close to the situation.

The source told the Shenzhen Daily that during the trial period, the PBOC did not reveal the pilot banks’ names, nor let the banks publish details of the service, including the fees.

But experts say that in the long run, fees would be greatly reduced, because “Super e-Banking” will increase banking efficiency.

The source said that although “Super e-Banking” customers could access their different bank accounts on one bank’s Web site, they would still have to open Internet banking services at all participating bank branches.

The new system will also provide third-party payments. Companies like Alipay, similar to Paypal, will not be shut out.

China’s online payment market reached 208 billion yuan (US$30.59 billion) in the first quarter and was expected to grow as more Internet users seek to pay for goods online. It is estimated that the online payment business will exceed 1 trillion yuan in two years.

Source： Shenzhen Daily  Editor： 洪志科