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China’s 'Super e-Banking' System Launched
Source: China.org.cn
Source Date: Monday, August 30, 2010
Focus: Internet Governance
Country: China
Created: Sep 06, 2010

The People's Bank of China launched a "super e-banking" system Monday that will let customers access their accounts on one Website, the Beijing Times reported.

Unlike the existing system, "super e-banking" can realize real-time inter-bank transfers and balance inquiries. The system can provide access to authorized non-financial payment service organizations to better satisfy public requirements for home payments. Companies like Alipay, a Chinese equivalent of Paypal, would not be shut out. During the promotional period, the system is free, while officials have not yet decided how to charge for the service. Fees are expected to fall as "super e-banking" will definitely increase banks' efficiency, according to a report.
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