IB Launches Agent Connection to Payment Systems for 15 Township Banks
In order to help China's numerous township banks overcome the restrictions they face in terms of payment and settlement and improve financial services in rural areas, the Industrial Bank has continued to launch a variety of innovative products under its “Bank-Bank Platform”. The bank provides comprehensive financial solutions for township banks, commits to providing payment and settlement network support for rural financial institutions and strives to collaborate in enhancing the service quality and standard of rural finance.
In recent days, the modern payment system bank number of the Zhejiang Yueqing United Township Bank was officially approved by People's Bank of China. With this, the number of township banks that have connected to modern payment systems through the IB as an agent amounts to 10. Moreover, another 5 township banks are currently undergoing joint debugging and testing for agent connection to payment systems, meaning that as of present the Industrial Bank has collaborated with 15 township banks for agent-based connection to payment systems.
It has been reported that the Industrial Bank began offering agent connection to payment systems for domestic township banks back in the second half of 2009. The first cooperative bank in the scheme was the Xiaolan Town Bank of Zhongshan, Guangdong. This March, based on its existing system, the IB conducted an upgrade and launched a client end mode. This mode means that township banks no longer have to commit to system development, redesign and hardware equipment purchase, and thereby allows for large savings to be made in system construction and operation as well as boosting launch efficiency.
At the same time, IB also provides value-added services to township banks including system operation training. Agent connection to payment systems as a service has proven to be very popular among many village and town banks since its launch. In just a short period of time, more than 10 township banks signed agreements with the Industrial Bank, including the Dongguan Chang'an Town Bank, which has the highest registered capital of any rural bank in the country.
In addition to agent connection to payment systems, the Industrial Bank also actively provides technology output services for township banks. Currently, it has provided core system construction and trusteeship, operation and maintenance services for five township banks, and has signed cooperative agreements for “Bank-bank Platform All-fast” with six township banks.
It is understood that the Industrial Bank has identified township banks as the key objective for “Bank-bank Platform” services and expansion this year. Under this plan, the bank is mainly offering payment & settlement services and technology & management output in the hope of providing payment & settlement solutions and helping to enhance the services of township banks. At the same time, the bank hopes to perform its social responsibilities in regard to advancing the expansion of rural financial service outlets and serving agriculture, farmers and villages.