The People’s Bank of China has published a progress report on the payment systems. The report, Payment Systems Development 2006 outlines the development of the Chinese payment systems in recent years and provides key statistics for 2006 to the public for the first time.

– High Value Payment System (HVPS): As the core application system of China’s National Advanced Payment System (CNAPS), the RTGS-based HVPS links up the government security registration, transferring and settlement system, the bank card system, the inter-bank lending system, foreign exchange system and the commercial banks’ on-us fund transferring systems. The HVPS started operation in June 2005 and handled 140 million transactions in 2006, totaling 258 trillion Yuan in value.

– Bulk Electronic Payment System (BEPS): Implemented in June 2006, the BEPS supports various payment instruments including credit transfer, debit transfer and direct debit. BEPS payments include direct deposit of payroll, public utility bill payment and etc. More than 130 foreign financial institutions have joined the HVPS or the BEPS as direct/indirect participants.

– Check Imaging System (CIS): The central bank has launched a pilot program of the Check Imaging System in six cities or provinces in December 2006 and plans to complete the nationwide expansion in mid 2007.

By Chen Lei