Comparative Study On The Supervision Of Precipitating Funds In Third-party Payment Platforms In China And Germany

In recent years,with the popularity of e-commerce,the third-party payment platform is also developing rapidly in China.Because it plays an intermediate role in the electronic payment process,making the payment more efficient and convenient,it has been warmly welcomed by online shoppers.In the process of transaction,the buyer needs time to check whether the goods or services obtained conform to the seller's description,or the customer willingly recharges the virtual payment account,or for other reasons,so that the relevant funds are deposited in the third-party payment platform for a period of time,which together constitute the so-called "precipitation funds".With the continuous expansion of the scale of the third-party payment industry,some problems have gradually emerged,such as the unclear legal nature of the platform and the lack of security for the precipitation funds.At present,China mainly regulates this issue in the name of the non-financial institution's customer reserve fund based on the departmental regulations issued by the People's Bank of China.The technology of the third-party payment industry is constantly innovating,which brings new challenges to the supervision.At present,the overall legal status of the regulations on the supervision of precipitation funds is low,among which the scope of customer provisions involved is not comprehensive,and the regulatory measures need to be further improved.Compared with China,Germany's legal system for regulating electronic money and payment services has developed earlier and the system is relatively perfect.It has already implemented safeguard measures for the safety of precipitation funds.Based on the study of German legislation and practice,and China's national conditions,thispaper proposes to use German law for reference to adopt trust accounts to separate custody or invest in low-risk safe liquid assets projects,and establish relevant insurance system to optimize the supervision of third-party payment in China.In addition to the introduction and conclusion,this article is divided into the following six parts:In the first part,the meaning and nature of the third-party payment platform and the precipitation funds are described in detail.First of all,it analyzes the definition and nature of the third-party payment in the two countries,and makes clear that the third-party payment platform involved in this paper mainly refers to the payment platform that needs to set up a virtual account,has the nature of credit guarantee,and provides fund transfer services for both parties.It also explores the connotation and nature of the precipitation funds understood by the two countries,and clarifies the specific scope of the precipitation funds studied in this paper.In the second part,the risks faced by the precipitation funds are classified into four categories: operational risk,management risk,income risk and exit market risk.This paper expounds in detail the situation and risks when the relevant technical system breaks down,when the operation process of capital flow goes wrong,when the management fails,when the fruits are generated after the capital is used,and when the third-party payment platform exits the market.In the third part,it analyzes the legal basis and current situation of China's supervision of precipitation funds,focusing on the collation and analysis of the relevant regulations issued by the People's Bank of China after 2010,and summarizes the existing problems in China's current supervision.In the fourth part,it introduces the current situation of the supervision of the electronic money institutions and precipitation funds in Germany and the European Union.It focuses on the analysis of the two measures to ensure the safety of funds stipulated in the latest payment service supervision law of Germany,and points out the supervision problems in the German law.In the fifth part,the similarities and differences between the two countries in terms of supervision are compared,some measures that China can learn from German supervision are pointed out,and the rationality and necessity of the safety measures for precipitation funds in the payment service platform in Germany are analyzed.In the sixth part,based on the above comparative analysis,combined with the development level and practice of third-party payment in China,the improvement of China's regulatory measures in terms of the legal system,regulatory authority andspecific regulatory measures are proposed.