China's 'Super e-banking' system meets desolation on first operation day

Codenamed "Super e-banking", the brand new system launched by the People's Bank of China (PBC), which supports real-time interbank transfers and interbank balance inquiries disappointed on its first day of operation, running counter to expectations that the system would flood with users.

It links online banking systems of different commercial banks and enables customers to access their accounts on one website. Before the new system, customers had to log on to different banks' sites to manage their accounts, and interbank transfers usually took one or two days.

An industry analyst said that the system will benefit middle and small banks much and will largely improve services. However, fees for the service have not been finalized. At present, commercial banks charge different fees for interbank transfers.

Also, as the new system popularizes, third-party payment tolls like Alipay may be squeezed.

Source: Global Times