Research On The Legal Regulation Of China’s Online Banking Payment

The world’s first network bank appeared in the USA in the1990s. The Internetbank for the financial field to develop more is a mix of financial innovation andtechnological innovation, which provides environment innovative goods. andtechnological innovation. Since1998, China Merchants Bank open online bankingservice, other banks have also launched online banking services. China’s online bankingpayment business rapid development momentum, but our laws and regulations relatingto the online banking payment is still rare. China has not a so-called "pure Internetbank" at now, Online banking payment is not restricted by time and space, low cost andfast speed, which make more and more people pay to use online banking. Onlinebanking payment is more and more close to people’s lives. This business can beclassified as "shadow banking". The general office of the State Council issued a"notice"to strengthening the shadow banking regulation in December10,2013, which meansthat China’s banking regulatory authorities affirmed and supported the development of"shadow banking", which also means "pure internet bank" is on the corner.Openness and the virtual prototype of online payment have brought new challengesto the regulatory authorities. A complete system of legal regulation will not only reducethe incidents of the Internet banking payment greatly but also promote the developmentof Internet banking payment healthily. Therefore, how to learn from the experience ofthe advanced countries’ legal regulation, how to set up a perfect law and regulationsystem for online banking payment in our country and how to use the law to deal withthe legal relationship between banks and their customers, have become an importantsubject of the law study. The risk borne by the online banking payment industry andcustomers using online banking payment is much bigger in comparison with thetraditional bank. Frequent occurrence of unsafe events on online banking paymentfurther confirms the importance of perfecting the legal regulation of online bankingpayment.Our online banking payment services have an imperfect legal regulation system, a regulatory regime which is behind of other countries and an legal liability provisionswhich is unclear. This article firstly tries to find defects of legal regulations of InternetBank in China from the existent problems of our present online banking payment. Andit aims to discover the contribution on the legal system and the theory of constraints ofChina’s online banking payment through the legal regulation research of domestic andforeign. On the analysis of the developed countries and regions on the practicalexperience of the banking online payment, we can give the following conclusion: Firstof all，the government should make online banking payment regulation legalization.Next, The legal regulation of online banking payment should adjust measures to localconditions. Last but not the least, the legal regulation should pay more notice to protectthe interests of the customer. In the perspective of law and finance, this text discusses tore-examine the issue of Internet Banking Law in our country, and then explore thesuggestions to perfect online bank payment in our country. My suggestions arefollowings: Firstly, we should clear the regulation principle in our country of the onlinebanking payment. Secondly, we should improve the legal supervision system of onlinebanking payment in our country. which not only includ improvement the market accesssystem for online banking payment，but also include how to standard the market exitsystem of online banking payment in our country. we should establish informationdisclosure system of online banking payment in our country and clear legalresponsibility of internet banking payment. To improve our online banking marketaccess system, the author introduces negative list management mode which is the studyon the administration of foreign investment of other scholars about Shanghai FTA. Thisarticle overall is hoped to make a little contribution to establish a rational and effectiveonline banking regulation system to reduce incident of online banking payment, andbuild up a sound and efficient online payment environment.