A United Electronic Payment System For Banking

As rapid growth of China’s economy and increase in opportunities of investments,people and enterprises nowadays are having higher expectations for funds’transactions and recoupments. Thus, traditional electronic transactions at banks are insufficient for contemporary situations. Considering wide coverage but lack of customization for traditional electronic transactions,the People’s Bank of China is developing a United Electronic Payment System (UEPS) in different regions. This new system is important in many ways, including to promote customization,professionalism, convenience to users, more services, and efficiency of funds transfer,etc.Local commercial banks are playing vital roles in development and utilization of UEPS. It is important to integrate local resources to build a UEPS while collaborating with local People’s Banks of China to avoid repeated investments in science and technology. It is necessary to have a well-structured, reliable, secured technological platform to satisfy security standards, safe transaction and rapid fund transfer for the People’s Bank of China when using UEPS.Facing concerns at banks, our research has done in the following areas:1. Analyze banking operation and process flow according to processing standards and business tasks for the People’s Bank of China using UEPS;2. Design system structures for the UEPS from analyzed results, through utilization of fully-developed technology;3. Focus on analysis for abnormal situations of fund transactions under SOA structures and design solutions accordingly.This research is taking an approach from a perspective of financial industry,studying representative innovated cases in developing core systems for Chinese commercial banks, and choosing topics on analysis, design and implement for the UEPS in local branches of the People’s Bank of China. It is expecting that the platform will satisfy requirements of banking business tasks in commercial banks of China using the UEPS and fulfill integration of previous individual platforms. The goal for the platform design is to rapidly develop and deploy new requirements for the UEPS through simple configuration and management or through minimal development. Structure and proposal for suitable UEPS of composing modules were designed and fulfilled through analyzing, summarizing, conceptualizing on existing UEPS. This is to explore a path of resolving problems and to provide reference experience for designing and implementing future UEPS in commercial banks.