Local deputy calls for regional payment and settlement integration

Tracy Li
An implementation mechanism should be established to improve payment and settlement speed and enhance the efficiency of capital circulation in the region, suggests one deputy.
Tracy Li

Payment and settlement integration in the Yangtze River Delta region calls for a unified implementation mechanism and better interconnection of financial infrastructure in the region, a deputy from Shanghai proposed at the 13th National People's Congress.

A unified implementation mechanism should be established to improve the speed of payment and settlement and enhance the efficiency of capital circulation in the region, said Cui Yu, president of City Commercial Banks Clearing Service Co Ltd and a deputy to the National People's Congress. 

It was suggested that the head office of the People's Bank of China should take the lead in guiding its branches in the Yangtze River Delta region and the local financial supervision departments form a leading group to promote cross-regional cooperation and coordination among local governments, financial management departments and industry players and formulate unified policies for the integration of payment and settlement services.

At present, there remain some disparities in payment and settlement services in the region, and an integrated service system with unified standards has not yet been formed.

To fill the gap, Cui said qualified clearing institutions headquartered in the Yangtze River Delta region should be allowed to form a special verification channel for personal banking accounts, and to provide mutual verification services for bound account information.

She also calls for more applications of innovative technologies such as block chain in payments and settlements and supply chain finance.

Chinese President Xi Jinping announced at the opening ceremony of the first China International Import Expo in 2018 that he supported the development of regional integration in the Yangtze River Delta and upgraded it to a national strategy.

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