Market expectations for a long time clearing bank card market will be held this year on June 1 opening to the outside, to implement access management, orderly norms.

The State Council has officially issued the "Decision on the implementation of the bank card clearing organization access management." "Decision" for the full liberalization of bank card clearing market institutional arrangements made in the bank card clearing business formation, specific access rules and management system. This means that qualified enterprises to follow legal procedures apply to become specialized in bank card clearing agencies, foreign institutions can also be set up bank card clearing agencies involved in the market of the RMB clearing bank card through the application.

Clear barriers to entry

Prior to the outside world for institutional barriers to entry are concerned, the "decision" from the registered capital, investors, bank card clearing standards, infrastructure, directors and senior management as well as management, internal control system put forward a clear entry requirements.

"Decision", said the bank card to apply for clearing agencies should be established corporate law, and subject to the following conditions: a registered capital of not less than one billion yuan of; at least comply with the conditions of holding more than 20% single largest investor, or comply with the conditions of holding more than 25% of the total number of major investors, the aforementioned major contributor to apply the previous year's total assets of not less than 2 billion yuan, or net assets of not less than 500 million yuan before, and the application shall be made continuously engaged in banking, such as payment or liquidation business for more than five years, more than three consecutive profitable years, the last three years without a major illegal logging; other single stake of more than 10% of the net assets of not less than investor 200 million yuan, with sustained profitability, good reputation, the last three years without a major illegal logging.

At the same time, we must have a bank card clearing standards in line with national standards, industry standards; in our country has to meet the requirements, to complete the infrastructure bank card clearing services and remote disaster recovery system independent; directors and senior management personnel shall obtain the Bank [microblogging] sought after qualifications approved by the CBRC and so agree.

As regards the application process is divided into two stages in the preparation and opening, the applicant shall submit an application's central bank, the Bank of China Banking Regulatory Commission in consultation with consent, to approve or not to approve the decision.

"Access program package go down, probably to spend two years." An industry veteran said.

The reason for the bank card clearing organizations implement more stringent access management, the person in charge of the central bank, bank card credit and debt settlement business involves computing and financial settlement arrangements between the constituent entities of the bank card business, involving significant public interest and the legitimate rights and interests of all parties a direct impact on the bank card transaction order, the order of the inter-bank clearing and payment systems and stable operation. The implementation of bank card clearing agency access management, and strengthening supervision during and after, is to prevent the risk of bank card payment, effectively protecting cardholder legitimate rights and safeguard fundamental institutional guarantee a secure payment system of stable operation.

Foreign enjoy "national treatment"

For foreign institutions, such as Visa, MasterCard, American and other agencies have set up a representative office in China for nearly 20 years, through domestic commercial banks and non-financial institutions pay for extensive participation of Bank of China (4.66, -0.14, -2.92%) cards market, not only to facilitate the overseas territory cardholder spending, but also through the issuance of "dual identity card" convenience domestic consumption abroad cardholder.

On foreign bank card clearing organization, "decided" that the foreign institutions to provide the main domestic bank card clearing services, clearing organizations should be established in the territory.

It is worth noting that the "decision" to foreign bank card clearing organizations and domestic bank card clearing organization in the establishment of conditions for the establishment of the program, the exact same business management and other requirements, "fully embodies the principle of expansion of financial liberalization, maintain fair market competition . "The central bank official said.

The only cross-border transactions for foreign institutions to provide clearing services for foreign currency bank card, without the establishment of a bank card clearing organization in the territory of principle, but it should be carried out on the business situation to the People's Bank of China [microblogging] and the China Banking Regulatory Commission record, and follow the relevant business management requirements.

CUP dominant position can be shaken?

Founded in 2002, China UnionPay Co., Ltd., is China's first bank card clearing agency, specializing in the construction and operation of a unified national bank card transaction processing and clearing system. "Decision" open bank card clearing market, foreign institutions and private capital will on current market monopoly CUP produce shake?

China UnionPay official said, China UnionPay and strongly support the implementation of the decision to further open and standardized national bank card clearing market access. As a market-oriented business subjects, China UnionPay bank card will work with other clearing agencies under the same regulatory conditions, legal compliance equal footing in the market.

Senior vice president of Mu Haijie remittance world, "said the decision" will promote the Chinese market more open payment and settlement, cooperation, development of China's payment and settlement market, an important milestone. The future of China's bankcard industry more internationally competitive.