Unlocking China’s Central Bank Payment Infrastructure: A Deep Dive into 20 Core Systems

The People’s Bank of China’s second‑generation payment system is the foundational infrastructure for payments in China, aggregating virtually all cross‑institutional payment activities for final settlement by the central bank.

The central bank operates several major systems, including a large‑value real‑time payment system, a small‑value batch payment system, an inter‑bank online clearing system (often called the "Super Internet Banking" system), a settlement account management system, a payment management information system, a check image exchange system, a centralized accounting data consolidation system (ACS), and a domestic/foreign currency payment system, among others.

1. Large‑Value Real‑Time Payment System (HVPS)

Processes high‑value payments in real time and can also handle some urgent low‑value payments. It clears funds on a per‑transaction basis with no upper limit, zero in‑transit balances, and immediate settlement.

Operating hours are limited to legal working days, from 20:30 the previous day to 17:15 on the current day, totaling 5 × 21 + 12 hours per week.

The system handles two main types of payments: ordinary large‑value credit transfers initiated by payers, and instant settlement transfers used by authorized participants for net‑ting purposes.

2. Small‑Value Batch Payment System (BEPS)

Handles low‑value batch credit and debit transactions such as daily payments, utility fees, payroll, and insurance premiums.

Unlike the large‑value system’s real‑time full‑amount clearing, BEPS uses a delayed net‑ting approach and operates continuously 24/7.

Debit transactions involve the payee authorizing the system to pull funds from the payer’s account.

3. Inter‑Bank Online Clearing System (IBPS)

Commonly known as the “Super Internet Banking” system, it supports online credit, debit, and third‑party credit transactions, greatly improving inter‑bank payment efficiency.

The system runs 24/7, using real‑time forwarding and timed net‑ting, similar to BEPS but with much faster processing—often delivering results within 20 seconds.

Third‑party payment providers can connect directly to this system, unlike the large‑ and small‑value systems.

4. Settlement Account Management System (SAPS)

SAPS is the core component where banks and authorized participants hold settlement accounts for all payment activities.

It also provides queue matching for large‑value payments, fund‑pool management, overnight borrowing, and comprehensive liquidity management.

SAPS processes clearing for the large‑value, small‑value, and Super Internet Banking systems.

5. Netting Service System (NETS)

Supports real‑time classification and net‑ting of payment instructions from the small‑value and online clearing systems, submitting the net amounts to SAPS for settlement.

6. Central Bank Accounting Consolidation System (ACS)

Hosts reserve accounts for third‑party payment institutions; commercial banks’ settlement accounts are logically linked to ACS.

During the day, SAPS handles account processing; at day‑end, SAPS uploads balance and transaction data to ACS, which then automatically performs accounting settlement.

7. Check Image Exchange System (CIS)

Uses imaging and cryptographic technologies to convert paper checks into electronic images and data, enabling nationwide electronic clearing of checks.

8. Domestic/Foreign Currency Payment System (CFXPS)

A nationwide inter‑bank real‑time settlement system supporting multiple currencies, providing foreign‑currency payment services for domestic financial institutions.

9. Cross‑Border Payment System (CIPS)

Handles wholesale RMB cross‑border settlement, integrating existing channels to improve efficiency, security, and fairness across time zones.

10. Electronic Commercial Draft System (ECDS)

Provides a comprehensive platform for electronic commercial draft registration, forwarding, settlement, and inquiry, supporting both paper and electronic drafts.

11. General Message Transfer Platform (PMTS)

Ensures secure, stable, and lossless message transmission between payment system nodes and participants, supporting multiple formats and dynamic link configuration.

12. Payment Application Monitoring System (PAMS)

Collects monitoring data from application systems and presents overall performance and status to users.

13. Payment Information Management System (PMIS)

Supports the modern payment system with sub‑systems for bank‑name/number management, parameter management, billing, statistical analysis, and monitoring, forming a centralized information sharing platform.

14. Public Control Management System (CCMS)

Provides public services such as operation control, participant management, parameter management, security management, and system maintenance for the major payment subsystems.

15. Bank‑Name/Number Management Sub‑system (BCMS)

Offers complete services for declaring, querying, and managing bank‑name/number information, supporting maintenance of city processing centers, bank codes, and city codes.

16. Billing Management Sub‑system (PBCS)

Based on successful transaction data from the large‑, small‑value, and online systems, it calculates fees for financial institutions and authorized participants according to city, bank, participant, and business type.

17. Payment Business Statistics and Analysis Sub‑system (PSAS)

Utilizes data‑warehouse technology to provide statistical analysis of transaction volume, flow, risk, and rule execution across the major payment systems.

18. Payment Business Monitoring Sub‑system (PMCS)

Provides real‑time online monitoring of system operation and abnormal payment activities to ensure stable and secure clearing.

19. Parameter Management Sub‑system (PMS)

Allows querying and management of parameters for SAPS, payment systems, and user‑defined business and operational settings, including historical changes.

20. Payment Business Detail Query Sub‑system (PTQS)

Provides functions for payment data lifecycle management, information retrieval, storage management, and user administration.