China to introduce new e-banking system
E-banking or real time inter bank internet banking system will be launched by People’s Bank of China. The system is still on trial basis in certain cities will allow customers to access to different accounts on one banking website.
Trial basis will cover first companies then later extends its program to individual customers, and in November the system will add more cities into its system of internet banking. Unlike the existing internet baking system individual banks manage their own sites and allows transfer and inquires only during business hours and take one to two days. When this new e-banking system an individual can facilitate inter bank transfers anytime and inquires in just one bank website without logging into other bank websites.
Method of charging has not been finalized and participating banks are still waiting instructions from the People’s Bank of China, saying the new system will provide banks and financial institutions flexible access methods. China’s online payment market reached 208 billion yuan and its expected to grow as more Internet users seek to pay for goods online.