Payment & Clearing Association of China Launches Data Reporting and Sharing System for Members

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The Payment & Clearing Association of China (PCAC) has announced the official launch of a new system for collecting data on the operations of its member institutions.

The Payments Sector Data and Information Sharing Platform (支付产业数据和资讯共享平台) officially commenced operation on 1 August following a second month-long testing period, with PCAC touting its ability to better serve the information needs of regulatory authorities and member institutions.

The first trial phase of the system commenced on 15 January 2019, achieving the remote collection of data from membership institutions via uploaded online forms.

Six institutions took part in the initial trial phase, supporting the reporting work for the payments operation data of 95 banking sector institutions and 225 payments organisations for 2018.

The second trial phase commenced on 1 July, adding features to the system including interface-based reporting, data analysis, visual displays, automated reports, automated statistics, decision analysis and data sharing, as well as historic data from 2012 to 2017.

Epay (联通支付), Qiandai (钱袋宝), Baofu (宝付网络), Zhongwang Zhifu (中网支付), Jinyuntong (金运通) and Bank of Guiyang (贵阳银行) have all completed joint testing of the submission interface, while 12 other institutions, including Agricultural Bank of China, Bank of Communications, China Minsheng Bank and Alipay are currently in the middle of the testing process.

PCAC said that the next step will be conduct training of all member institutions that have connected to the system, as well as complete historic data comparisons and open the data sharing module following improvements to data.

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