Clear2Pay global payment solutions

CCPS connects the payment operation of Banks to the China National Advanced Payment System (CNAPS), the backbone infrastructure in China for both high value payments and bulk payments processing. CNAPS is a powerful system that currently handles more than 500,000 transactions, amounting to about 500 billion Yuan, each day. CCPS will ensure that banks are fully integrated and connected to their local Chinese banking system. The system can help banks to execute fund transfers faster, reduce fund payment risk and increase overall flow efficiency. By utilising CNAPS, a bank can support multiple payment tools across various payments types for its customer base.

 

The system connects banks to National Cheque Image Exchange System, legislated by the Central Bank of China (PBOC) and implemented on the CNAPS architecture. With this connection to the CNAPS infrastructure, banks are able to circulate cheques nationwide and ultimately provide safe and efficient payment settlement. After installation and implementation of the Cheque Image Exchange System, cheques emerged as the new inter-city payment tool, helping banks reduce cash payment and increase non-cash transactions.

 

This solution facilitates a high level safeguard for the bank through data collection, filtering, enquiry, statistical analysis and auto-generated reports. The system checks payments in a variety of ways: unique and accumulative per account or multi-accounts per client ID in order to monitor both simple and complex payment streams in an efficient and cost-effective manner.

 

This solution implements a link between the bank’s customer account number/system and the database of the Public Security Department in China, allowing for real-time verification of the authenticity of identity cards used by individuals to open individual or corporate bank accounts. This enhanced security is mandated by a resolution of the Central Bank of China ( PBOC). This new online identification, whereby each bank account can be matched with a true and identifiable person, is a break-through for China in its fight against financial and identity fraud.

 

This solution implements links between National/Municipal Finance Department, Tax Authority, and Treasury Department, allowing database information sharing among these three departments. It speeds up the process of transferring tax payment by Tax Payer into Treasury Department. It also provides effective tax management and statistical analysis and forecast functions for other organizations. By implementing the solution, tax can be paid and transferred into the Treasury in real-time either using online filing, telephone or in person.

 

The Corporate Payment Hub (CPH) is an integrated payment platform which helps corporate company to manage all its accounts in China, at various banks, making use of the China National Advanced Payment System. With the implementation of CPH, the company would be able to achieve efficient fund movement between different banks. CPH establishes interfaces with commercial banks, and processes payment transactions with the bank on a real-time basis, helping minimize the timing of fund float. All necessary account/fund movement information can be channelled automatically to the banks’ Electronic Banking platform, or Corporate ERP system, which helps the company achieve integration and sharing of business information and financial information, and ultimately improve the overall business handling efficiency.

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