Bulk Electronic Payment System (BEPS), electronic inter-bank clearing and settlement system for low value transactions operated by People’s Bank of China (PBOC), started it’s trial operation this Monday in Beijing.

BEPS is for payments of small-amount transactions of RMB20,000 or less based on batch processing. Several types of payments, credit, debit, direct debit may be performed. It enables citizen in Beijing making payments for tax, utility, mortgage and installment loan, or receiving payrolls, pensions payment from private and government, or making other inter-bank money transfer with a single bank account electronically.

BEPS is a vital part of China’s National Advanced Payment System (CNAPS). High Value Payment System (HVPS), the core application system of CNAPS, had completed the spread all over the country last year. The PBC kicked off first BEPS pilot in Tianjin and Fuzhou in November last year. Beijing, Gansu and Hainan are in the second group of trial operation provinces. The system may cover all of the country by the middle of this year. ( PBOC )

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