2 posts tagged “UnionPay”
Starting from the central bank's latest payment system report, this article clarifies the hierarchy between accounts, tools, channels, and clearing systems, dissecting the roles of HVPS, BEPS, IBPS, UnionPay, NUCC, and CIPS.
Starting from the five-layer infrastructure behind a QR code payment, this article breaks down the difference between clearing and settlement: how NetsUnion and UnionPay calculate net positions between institutions, after which the transactions enter the PBOC's High-Value Payment System for final settlement. It also compares non-bank payment institutions' access to central bank infrastructure across five jurisdictions.