Financial Markets

Excess reserve custody of payment service for non-financial institutes

Introduction of Business

It refers to the business that non-financial institutes provide partial or all of following capital transfer service as intermediary between collector and payer:

1) Internet payment:

2) Issuance and acceptance of pre-paid card;

3) Acquiring of bank card.

According to the Management Approach over Payment Service of Non-Financial Institutes released on June 2010 by PBOC, to accept excess reserve from clients, payment organization shall open special deposit account for excess reserve at commercial bank to deposit excess reserve and accept the supervision from custody bank.