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IB's Online Payment Platform Helps Companies Set-up Online

Leading Chinese furniture chain store Hoba Home Furnishings officially launched its online store, entitled “Hoba Deco”, on December 28. The store got off to a hot start on its first day of business with the number of visitors numbering in the thousands and revenue exceeding RMB 6 million Yuan.

It is understood that the “Hoba Deco E-Store” has been established on the basis of the Industrial Bank's inter-bank online payment and settlement platform, and is the first online business merchant in the country to be based on the platform independently developed by the Industrial Bank. Hoba Home Furnishings has wonderfully bridged its physical business with e-commerce via the Industrial Bank's online payment and settlement platform. It offers more than 80,000 products online, which is enough to fill-up a superstore tens of thousands of square meters in size. The e-store means that savings can be made on rent, power, water and human resources, and also means that customers are able to purchase what they need online without having to leave the comfort of their own home. This also represents the first time that a bank and a furniture company have worked together in the online sale of furniture.

The Industrial Bank's inter-bank online payment and settlement platform has been launched by the Bank to cater to a demand among modern companies to move business online. If a company is going to establish an online store, the first thing that it has to do is to address the issue of payment. If the company chooses to establish separate channels of payment with each bank, a number of drawbacks such as low efficiency and large system connection workload will be experienced. Alternatively, if it chooses to cooperate with a third-party platform for indirect access to the banks, it will be vulnerable to risks from the third party platform. The inter-bank online payment and settlement platform launched by the Industrial Bank not only provides a sound solution to these issues, but also boasts a number of other strengths. The first is that a sound credit guarantee is provided for the platform. The online payment and settlement platform developed by the Industrial Bank is guaranteed by the Bank's credit, making it more reliable than third-party platforms. The second is guaranteed security of online transactions. A high level of security is required for online payments, and adequate technical and financial support is absolutely essential. By developing security and certification systems, the Industrial Bank's professional and secure transaction platform can ensure the safety of transaction information. The third is that convenience in terms of payment settlement is provided to online businesses. The Industrial Bank's inter-bank online payment and settlement platform has not only simplified the transaction procedure to offer a fast and secure fund transfer channel to companies, but also allows for the unified gathering of funds, which increases usage efficiency.