Before the Spring Festival, a paper document from the central bank allowed a “aggregate payment†that was closely related to everyone but not understood to stand in the spotlight.
In January 2017, the central bank issued the “Notice on Conducting the Cleanup and Remediation of the “Aggregate Payment†Service†(hereinafter referred to as the “Noticeâ€), requiring the provinces to conduct a thorough investigation of the service providers that provide aggregate payment within the jurisdiction. The aggregation payment is positioned in the “acquisition outsourcing institutionâ€, and four red lines are drawn to strictly regulate the behavior of the aggregation payment institution.
Aggregate payments are intermediaries that connect third-party payment agencies and merchants. Intuitive understanding is that some merchants do not have a single home to receive payment channels such as WeChat, Alipay, UnionPay, etc. for cost reasons, but provide one-time docking directly from the aggregation payment service provider, and support multiple payment methods, including Third-party payment platforms, banks and other service providers.
A seemingly simple and efficient way, but it implies risks. According to the requirements of the Notice, all branches of the central bank will conduct a check on the aggregate payment in the jurisdiction, and complete the touch before February 28, and complete the rectification of the non-compliant enterprise before March 31.
When the document came out, it caused a huge shock in the payment industry, which means that some of the previous aggregation payment agencies did not work in the "two clear" mode of playing the ball. This document also makes aggregate payment that is not familiar to the public a focus of attention.
Mobile payment hot product
The "Notice" lists a list of aggregate payment service providers. One of the company's relevant person in charge said in an interview with "World Network Business" that the aggregate payment is accompanied by mobile payment methods such as Alipay and WeChat, and its development in 2016. reach the peak.
With the increasing number of mobile payment methods, some businesses that previously promoted POS machines began to provide aggregate payment services because the merchants did not have the energy to connect with all payment institutions.
An industry insider told reporters that the aggregate payment is the fourth party company, get the interface channel of the third party payment, and then integrate these interface channels for technology development. There are many payment channels for aggregation payment, and a two-dimensional code can support multiple channels. Whether the user actively scans the merchant QR code or the merchant actively scans the user, the corresponding payment account is automatically identified through the technology through the aggregation payment.
The Notice targets the aggregate payment to the “acquisition outsourcing agencyâ€. However, the scope of outsourcing is very wide. At present, in the market, the aggregation payment institution usually has two forms, one is direct operation and the other is agency. Through the agency, the acquiring business layer is outsourced, and these secondary level three-level agent developers will have the risk problem that the central bank considers.
In fact, the so-called risks have also appeared. In December 2016, WeChat paid a list of service providers engaged in scanning code violations, including some well-known acquiring institutions and banks.
Where is the risk?
The biggest risk points for agglomerated payment institutions are “money†and “informationâ€.
According to the requirements of the Notice, enterprises that provide aggregate payment cannot touch the money, that is, they cannot do the "two clear" institutions.
“Second Qing†refers to a mode in which the unit or individual that has not obtained the permission of the central bank to pay for business is actually engaged in payment business and fund liquidation with the support of the licensed acquiring institution.
In other words, the Aggregation Payment Company is only a technical service organization that provides third-party payment channels for merchants. It cannot deposit funds, and it cannot provide payment and fund clearing for merchants. "But some companies have taken the opportunity to do financial work such as liquidation, which is illegal." A chairman of a convergent payment told reporters.
How should the merchant identify whether there is a “two clear†behavior in the aggregate payment, the above-mentioned insiders said in an interview: “As long as the funds are issued to you by the bank or a third party, it is safe and clear; the funds are a company. Or the individual who called you is the second clear."
He bluntly said, "Don't look at some of the more famous companies. When it comes to promotion, it is very good. If you look at the exposure, you will know that they also have violations. Before Nanjing and Hangzhou, there were agents who could not get the profit (profit sharing). And the troubles."
In the industry, the above situation is not a case. Some aggregation payment agencies recruit many agents because of the need to expand their business. The above-mentioned insiders said that his organization is also expanding its business in this mode. Some of the less-regulated Aggregation Payment Agencies, when making liquidation for merchants, first settle funds in a certain area to agents, and then the agents allocate funds to hundreds or even thousands of merchants in the region.
In the past two years, many Erqing institutions engaged in the precipitation of such funds have had "running the road". The above-mentioned "Notice", the background of the introduction is precisely because there are aggregate payment service providers in the market, illegally open payment accounts and substantively engage in special merchant qualification review, acceptance agreements, signing funds settlement, and acquiring business transactions.
Therefore, the "Notice" has drawn a clear red line for the aggregation payment, that is, four "not allowed": no business qualification review, acceptance agreement signing, fund settlement, receipt transaction processing, risk monitoring, acceptance terminal (network payment interface) Core business such as master key generation and management, error and dispute handling; may not settle funds in any form by special merchants, engage in or disguise in the settlement of special merchant funds; may not forge, falsify or conceal transaction information; may not collect or retain special merchants And sensitive information from consumers.
“This is to protect merchants and consumers, because many customers who are doing QR code and POS machines are most concerned about the security of funds.†The above-mentioned insiders said, “The next step, there will be many companies in Erqing. Was cleaned up and reorganized."
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