Just last week, the China Payments Clearing Association, headed by the central bank, announced that the non-bank payment institution's online payment clearing platform ("Network Link") started trial operation, first accessed some banks and payment institutions, and completed the first inter-bank clearing transaction. . It can be said that the online connection is a milestone in China's payment industry, which has profoundly changed the industry structure. Previously, China's aggregate payment was mainly due to the rise of market demand. Now the introduction of the network link is more driven by the central bank and other regulatory agencies, which will undoubtedly make the industry more standardized.
Where is the network sacred?
The network association is also known as the "network version of UnionPay", which is a unified clearing platform for online payment. It is organized by the China Payment and Clearing Association under the guidance of the central bank to handle payments initiated by non-bank payment institutions and interacting with banks. Business, in accordance with the principle of "co-construction, sharing, sharing" jointly initiated preparations. It is reported that Netlink Clearing Co., Ltd. has a registered capital of 2 billion yuan and 44 shareholders, of which 38 are third-party payment institutions. There are currently 115 licensed third-party payment institutions that conduct online payment services. At the same time, in order to prevent the network platform from being monopolized by large payment institutions, the central bank is the largest shareholder in the shareholding structure, and the subordinate units (the central bank clearing center, Shanghai Clearing House, gold exchange, etc.) contribute about 700 million yuan, accounting for about 700 million yuan. The proportion of shares exceeds 30%, ensuring the central bank's control over the network platform; the payment giant Alipay and Tenpay are holding about 10% respectively; and the China Clearing Payment Association holds 3% of the shares, representing small and medium-sized companies that do not meet the qualifications for participation. The payment institution exercises the right to vote.
How much does the network play?
After the launch of the network association, the online payment channel of the third-party payment institution does not need to be able to directly dock the bank, but directly connects with the banks through the network connection platform. The network association is only a clearing platform, and does not directly carry out the payment business to maintain neutrality.
The most important point is that the purpose of “networking†is to improve the liquidation efficiency of payment institutions and to achieve traceable funds and controllable risks.
To put it simply, third-party payment institutions are now directly docked with banks, and third-party payment companies will compete for more banks, and many small third-party payment companies are struggling. However, after the "Network Link" platform is put into operation, all third-party payment companies will only need to connect to the "Network Link" to obtain a unified fund clearing service. This measure can save the connection cost, realize the transparency of transaction information, and facilitate the real-time monitoring of the social capital flow by the regulatory authorities, and further protect the user's financial security.
What impact does the network have on our daily lives?
The launch of the network will inevitably affect all aspects. The following small series analyzes the impact on our ordinary people from third-party payment institutions and commercial banks that our ordinary people have come into contact with.
Benefits Third-party payment institutions directly access the network, which not only reduces access time and cost, but also improves the risk prevention capability of the payment system. Commercial banks reduce the hassle of direct connection with third-party agencies and clarify financial responsibilities. Security is enhanced and our users can use third-party payments with greater peace of mind.
The shortcomings of the third-party payment institutions (this kind of behavior is an out-of-scope operation, disguised to exercise the cross-bank clearing function of the central bank or clearing organization), the income is greatly reduced, and commercial banks have no additional income because they cannot share shares. Due to the decline in third-party revenues, some costs may be passed on to our average users, the most intuitive of which is the increase in fees.
The third-party payment platform is actually an inter-bank fund clearing through the existence of a reserve account for each commercial bank.
Recommended reading: The network that has been brewing for a long time has finally started the trial run to give small and medium-sized payment institutions a chance to test the network will be the beginning of a new era, but also the trend of the promotion. The use of the network association to regulate the cooperation between banks and third-party payment institutions is of great benefit to the third-party payment industry, and the user funds are better protected to benefit all parties.
Where is the network sacred?
The network association is also known as the "network version of UnionPay", which is a unified clearing platform for online payment. It is organized by the China Payment and Clearing Association under the guidance of the central bank to handle payments initiated by non-bank payment institutions and interacting with banks. Business, in accordance with the principle of "co-construction, sharing, sharing" jointly initiated preparations. It is reported that Netlink Clearing Co., Ltd. has a registered capital of 2 billion yuan and 44 shareholders, of which 38 are third-party payment institutions. There are currently 115 licensed third-party payment institutions that conduct online payment services. At the same time, in order to prevent the network platform from being monopolized by large payment institutions, the central bank is the largest shareholder in the shareholding structure, and the subordinate units (the central bank clearing center, Shanghai Clearing House, gold exchange, etc.) contribute about 700 million yuan, accounting for about 700 million yuan. The proportion of shares exceeds 30%, ensuring the central bank's control over the network platform; the payment giant Alipay and Tenpay are holding about 10% respectively; and the China Clearing Payment Association holds 3% of the shares, representing small and medium-sized companies that do not meet the qualifications for participation. The payment institution exercises the right to vote.
How much does the network play?
After the launch of the network association, the online payment channel of the third-party payment institution does not need to be able to directly dock the bank, but directly connects with the banks through the network connection platform. The network association is only a clearing platform, and does not directly carry out the payment business to maintain neutrality.
The most important point is that the purpose of “networking†is to improve the liquidation efficiency of payment institutions and to achieve traceable funds and controllable risks.
To put it simply, third-party payment institutions are now directly docked with banks, and third-party payment companies will compete for more banks, and many small third-party payment companies are struggling. However, after the "Network Link" platform is put into operation, all third-party payment companies will only need to connect to the "Network Link" to obtain a unified fund clearing service. This measure can save the connection cost, realize the transparency of transaction information, and facilitate the real-time monitoring of the social capital flow by the regulatory authorities, and further protect the user's financial security.
What impact does the network have on our daily lives?
The launch of the network will inevitably affect all aspects. The following small series analyzes the impact on our ordinary people from third-party payment institutions and commercial banks that our ordinary people have come into contact with.
Benefits Third-party payment institutions directly access the network, which not only reduces access time and cost, but also improves the risk prevention capability of the payment system. Commercial banks reduce the hassle of direct connection with third-party agencies and clarify financial responsibilities. Security is enhanced and our users can use third-party payments with greater peace of mind.
The shortcomings of the third-party payment institutions (this kind of behavior is an out-of-scope operation, disguised to exercise the cross-bank clearing function of the central bank or clearing organization), the income is greatly reduced, and commercial banks have no additional income because they cannot share shares. Due to the decline in third-party revenues, some costs may be passed on to our average users, the most intuitive of which is the increase in fees.
The third-party payment platform is actually an inter-bank fund clearing through the existence of a reserve account for each commercial bank.
Recommended reading: The network that has been brewing for a long time has finally started the trial run to give small and medium-sized payment institutions a chance to test the network will be the beginning of a new era, but also the trend of the promotion. The use of the network association to regulate the cooperation between banks and third-party payment institutions is of great benefit to the third-party payment industry, and the user funds are better protected to benefit all parties.
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