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New rules issued for third-party payment services
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The China Banking Regulatory Commission and the People’s Bank of China announced new rules to regulate commercial banks that do cooperate with third-party payment companies.
Commercial banks were ordered to amend the existing system before the end of June, the regulators said in the notice issued earlier this month.
Both banks and third-party payment companies need to verify a customer’s identity when a bank account is linked for external payment services for the first time. Banks should verify identities through effective channels like branches, digital channels, or other direct ways.
For digital channels, multifactor authentication is required to prevent unauthorized access to third-party payment services. And banks have to provide real-time notification services for bank balance changes.
The notice also demanded banks to review customers? risk tolerance and adjust transaction payment limits.
Both Alipay and TenPay declined to comment on the new rules.
Prior to the announcement of the new rules, most banks required customers to sign agreements that clarify rights and responsibilities before linking their bank accounts to external services.
Major Chinese banks began to reduce payment limits in February in advance of the latest regulatory notice. Industrial and Commercial Bank of China and China Construction Bank have cut the payment limit per transaction from 50,000 yuan (US$8,107) to 5,000 yuan. Agricultural Bank of China and Bank of China pared their limits to 10,000 yuan from 50,000 yuan.
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