The central bank sacrificed the killer, and the rules behind the scan code payment finally changed! On April 1st, "direct connection"! POS machine welcomes!
Previously, the industry expected that the cut-off "direct connection" time is June 30, but according to the latest "Bar Code Payment Service Specification (Trial)", April 1 became the "big limit" to cut off "direct connection." Under the strict regulatory situation, the determination of the central bank to eradicate the ills of the liquidation market will not change. The stricter regulation is also to promote the better development of the industry. Therefore, it is better for the payment institution to actively embrace the supervision than to wait and see.
The time when the payment institution cut off the "direct connection" quietly advanced.
“Direct connection†means that the payment institution does not have access to the payment clearing network, but directly connects to multiple banks to connect with merchants and consumers. Because the “direct connection model†lacks a risk barrier and the financial information is highly opaque, it has become the focus of regulatory rectification.
Previously, the industry expects that the cut-off "direct connection" time is June 30, but the newly released "Bar Code Payment Service Specification (Trial)" clarifies that banks and payment institutions must pass the People's Bank of China when conducting bar code payment transactions involving inter-bank transactions. Inter-bank clearing system or clearing agency with legal qualifications, and the implementation time is April 1st, which becomes the “big limit†for cutting off “direct connectionâ€. However, many institutions are still waiting to see.
"Broken directly" became the focus
After the promulgation of the "Specifications," some institutions have been accelerating "disconnection." However, some institutions are still hesitating, some deliberately misrepresenting and misreading policies, while others know the meaning of the policy, but they have a wait-and-see attitude and have not implemented the policy requirements.
Regarding the wait-and-see attitude in the market, Dong Xizhen, a senior researcher at the Chongyang Financial Research Institute of Renmin University of China, believes that large-scale payment institutions should raise awareness and implement them conscientiously. Where there are irregularities, they should be rectified in strict accordance with the requirements of the central bank, and then cry everywhere and even pity. The siege of the regulation will not help. The determination of the central bank to maintain the financial market order and protect the legitimate rights and interests of consumers will not change; for small and medium-sized payment institutions, they should change their business models and profit models as soon as possible, return to the main business of payment business as soon as possible, and return to the track of normative development. In fact, in the long run, “broken straight†provides an opportunity for small and medium-sized payment institutions to compete fairly.
The consequence of the "direct connection mode" is that the payment transaction information of the payment industry is fragmented, free from supervision, and the interface standards and security specifications are not uniform, and the risk risks are large. At the same time, Dong Xizhen pointed out that the payment of deposits by customers of payment institutions is likely to cause risks such as misappropriation and fraud. Some large-scale payment institutions also use reserve funds as bait to enhance bargaining power, raise interest rate centers, and increase financing difficulties and financing problems. In recent years, these problems have intensified, disrupting market order and affecting financial stability. In addition, as a provider of small-sum, retail payment, some payment institutions have secretly provided funds settlement channels for local equity trading platforms and even unlicensed financial trading venues, and intervened in large-value, wholesale payment services. Such behavior can easily lead to systemic risk without being included in centralized liquidation.
Therefore, the central bank has successively issued a number of policies, one of which is to “break straightâ€. The central bank stipulates that from December 13, 2017, banks and payment institutions may not add payment products or services directly connected between different legal entities to handle inter-bank liquidation; for stock business, they should be moved to legality as soon as possible in accordance with the relevant regulations of the People's Bank of China. The clearing house handles.
Faced with the “disconnection†on April 1st, some payment agencies are already in action. After the network link starts to cut, UnionPay's new generation of cardless business transfer clearing platform will be launched on January 29, and both will become legal clearing institutions with legal qualifications.
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