China puts 'super online banking system' into service

BEIJING - The People's Bank of China (PBOC), China's central bank, put its online payment interbank clearing system, or "super online banking system," into service Monday.
The system supports real-time interbank transfers and interbank balance inquiries.
It links online banking systems of different commercial banks and enables customers to access their accounts on one website.
Before the new system, customers had to log on to different banks' sites to manage their accounts, and interbank transfers usually took one or two days.

The charges for the new system have not been finalized.

At present, commercial banks charge different fees for interbank transfers.

In the long run, fees will be reduced because the "super online banking system" will increase banks' efficiency, said Guo Tianyong, head of the China Banking Research Center at the Central University of Finance and Economics.