With the rapid rise of Internet, Internet of things and artificial intelligence, the great transformation of China's banking industry has already begun. Then Alipay, who bypass the third party regulation, will accept formal unified management. In October 15th, it will be a milestone for the third party organizations such as Alipay and fortune pay.
According to the central bank's requirements, banks and Payment institutions should complete the preparations for accessing the Internet connection platform and business migration by October 15, chinanews.com reported. At present, more than 20 Payment institutions and banks have completed the access work, including the three party payment agencies such as Cai Fu Tong and Alipay.
The central bank requires all third-party payment institutions to access Internet connection
On August 4 this year, the payment and Settlement Department of the central bank issued the notice of the payment and Settlement Department of the people's Bank of China on transferring the online payment business of non bank payment institutions from the direct connection mode to the online connection platform.
According to the notice, since June 30, 2018, the online payment business accepted by payment institutions involving bank accounts has been processed through the online platform. All banks and Payment institutions shall complete the preparation work related to access to the Internet platform and business migration before October 15, 2017.
It is understood that in the positioning of the central bank, the online platform aims to provide unified and public fund clearing services for payment institutions, correct payment institutions' illegal cross-bank clearing business, change the current situation of Payment institutions and bank multi connected business, and support payment institutions' one point access to the platform for processing, so as to save connection costs, improve clearing efficiency and ensure the safety of customers' funds It is also conducive to the real-time monitoring of the flow of social funds by the regulatory authorities.
This means that from today, the era of 'third-party payment institutions' free will and free will begins to end (June 30, 2018 is the deadline). They will be 'covered' by a huge network, and from then on they will be 'under the penetrating supervision' of the central bank, and they must learn to be 'good children'.
This network is "Internet union". Its industrial and commercial registration name is "Internet union settlement Co., Ltd.".
In other words, Alipay and fortune pay will be strictly controlled. Every transaction will be seen clearly by the central bank. Prior to this, because the transaction was a "direct connection mode", the central bank could not see the "complete capital transfer chain" of the third-party payment. This theory provides convenience for money laundering, bribery and tax evasion.
As early as August 4 this year, a payment industry personage who did not want to be named disclosed to Nandu reporter, "the central bank has issued a dead order to the Internet connection, and must complete the access, and the technology meets the requirements.". In fact, several giants have expressed their support, but this time point is earlier than expected '.
According to a reporter from a large payment institution in Shanghai, the payment institution plans to transfer 70% of the transaction volume to the Internet Union before the double 11 of this year, and realize the full migration by the end of this year.
2. What kind of signal does the Internet association send out?
In fact, it's a platform led by the central bank that specializes in monitoring major payment companies! It's equivalent to the establishment of an official organization to bring all payment companies and banks in China together.
What's the signal behind this?
First, the era of UnionPay eating alone is over.
That is to say, UnionPay, which has been coveting the payment from the third party, completely stops cooking. In the future, the third party's payment is in the charge of the Internet Union (UnionPay only accounts for 1.55% of the equity of the Internet Union). And UnionPay is facing the "full opening of the country" in its core business, bank card clearing business, and the full penetration of visa, MasterCard and American Express.
Therefore, the era of Unionpay's exclusive cake in the past is over, and the third-party payment is "like the sea as soon as Houmen enters".
Second, from the point of view of business management, the central bank has put the third party payment "incorporated", Alipay and Cai Fu Tong's super financial dream hit the ceiling.
What is the impact of all parties?
(1) user: the establishment of the Internet connection will not change the user's use of the third-party payment service. If the system is designed properly and performs well, the user experience will not be affected.
(2) payment company: the background clearing system changes, but does not affect the business, nor does it affect the settlement of funds (virtual account balance), while the bargaining position of the bank declines. The central bank can more efficiently monitor the business of payment companies and timely curb violations, which is expected to make the whole industry more standardized and orderly. With the opportunity of cleaning up and rectifying mutual funds, some black sheep whose businesses are not standardized may be accelerated to clean up, and the industry atmosphere will be renewed.
(3) Bank: in the original transaction mode, the user's transaction information is lost, which is not conducive to the secondary application and development of data. At present, the transaction information can be obtained by Internet connection, but it is not known whether the bank can work with the Internet to get the data. Because the central bank is in charge of the Internet connection, this possibility exists. If this is the case, the payment company's heart disease (loss of transaction information) to the bank will be solved.
(4) UnionPay: it means a long-term effort to take the clearing of online transaction of bank card into its own and declare failure & hellip; & hellip; of course, it also means that there is no overlap between online transaction of UnionPay and inter-bank transfer of offline transaction of bank card, forming a pattern of river crossing and governance. The mood of UnionPay may be the same as that of the eldest son whose parents have just had a second child recently;
(5) Yang Ma: as mentioned above, push forward the positive connection mode to perform its financial work.