Aug 01, 2016 07:18 PM

Central Bank Gives Green Light to Clearinghouse for Third-party Payments

(Beijing) – China's central bank has approved a preliminary plan to create a clearinghouse for online transactions, making progress towards dismantling separate agreements between third-party payment firms and banks.

The plan aims to launch the clearinghouse by the end of the year, and will require banks to follow its protocols and rules when clearing transactions made through third-party payment services such as Alipay, several people with knowledge of the matter said.

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