On March 8, 2010, the Industrial Bank (IB) took an innovative step to launch client end services for agent access to payment system in rural banks. This move will support rural banks in overcoming payment and settlement limitations and help them to improve their financial services. The launch of this service mode will help to promote the development of rural financial outlets, speed up the innovation of rural financial products and services, further solidify the foundations for the development of “agriculture, farmers and rural areas” and promote the continual growth income of the rural population.
In response to the demands of rural banks, the Industrial Bank has launched a client end service mode as an upgrade to its existing services to provide agent access to payment systems, which is a part of its Bank-Bank Platform. After applying for a payment system bank code from the local branch of the People's Bank of China (PBOC) and establishing a line of communication with a local branch of the Industrial Bank, rural banks can use the client end to access the modernized payment system of PBC via an agent. Operators of rural banks can log on the client end webpage to process accounts and conduct inquiries, checks and confirmation. No modification of existing systems or addition of hardware is required. Thus, this mode has prevented the high costs associated with system construction and operation. Meanwhile, IB will provide rural banks with value-added services such as system operation training so as to enhance their efficiency in payment and settlement and capacity in customer services.
At present, IB provides agent access to modernized payment systems to eight cooperative banks over its Bank-to-Bank Platform. Of these banks, four are rural banks. It has also signed client-end system agreements with two village banks, and these services are expected to go online in the near future.