A new system known by insiders as the "Super Online Banking System," started its trial operation on Monday. It would make online money transfers across different banks possible.
Under the previous system, users needed to sign in to different online accounts if they held money in more than one bank. But the new system connects different banks to each other, allowing the user to sign in just once.
The "Super Online Banking System" makes money transfers of under 50 thousand yuan a quick and easy 24-7 service, much fast than the 8 working hours needed under the previous system.
The new system will also allow cross-bank third party payments. For example, now a family can settle its water, electricity and public housing fee with just one account.
Yu Yang, Chairman said The Super Online Banking System is like a national high way, connecting to the roads of provincial, county, and even city levels.
For now, nearly 30 commercial banks in the four cities of Beijing, Tianjin, Shenzhen and Guangzhou can use the new online system. After the trial operation and subsequent improvements, the Central Bank said it will launch a formal version.