Easylink Payment Co. Ltd.("Easylink") set up PayEco Commercial Service Limited ("PayEco") , which is in charge of overseas business development and service , in 2012 with permission of the State Ministry of Commerce.
In 2011, People's Bank of China ("PBOC") issued to Easylink a Payment Business License, allowing Easylink to engage in internet payment(mobile payment), prepaid card payment; In 2012, Easylink became a Unionpay online aquirer membership and Unionpay International 3rd party partner; Most importantly, in early 2013, PBOC Guangzhou Branch issued to Easylink one of the first Cross-Border RMB Payment License. Currently, Easylink payment system supports a number of online and mobile payments including electronic ticketing, insurance, education, telecom, hotel, tourism, etc.
Easylink is based in Hong Kong and serves merchants globally including Macau, Singapore, Malaysia, Australia, etc. And it is focused on overseas payment services and acts the payment hub for mainland issued UnionPay cards as well as international issued UnionPay cards for China based merchants for their online payment needs. Currently, we have international merchants including Mass Mutual, Disneyland, Royal Park Hotel, New World Hotel, etc; China merchants mainly focus in major air ticketing & hotel merchants. Easylink and PayEco together have a strong technology platform, rich international online and mobile payment experience for Chinese consumers.
The People's bank of China, Guangzhou Branch took the lead to launch Cross-Border RMB Payment business in January 2013. RMB is used as settlement currency in international E-commerce B2B & B2C trading. Adapted to the state development strategy "going out" , to meet the expanding demand of RMB circulation sphere, Cross-Border RMB Payment business is launched as cross-border creative payment service.
PayEco obtained relevant business approval and became the lead Cross-Border RMB Payment organization in Jan 2013.
Supported by PBOC Cross-border Payment Office & clearing bank (CITIC Bank), PayEco made the first cross-border transaction in the nation on 4th Jan, 2013.
Participants Roles & Responsibilities
PBOC Guangzhou Branch: Forming and implementing Cross-border RMB business policy, rule and regulation.
Clearing bank：(CITIC GZ) Fund flow supervision、collection & Central bank declaration.
Overseas participating bank: （CITIC Intl）Overseas fund clearing, business participation.
Payment organization：PayEco/Process cross-border payment Merchant：Cross-border Trade/Services B2B、B2C payment
Cost: reduce the costs of cross-border payments;
Time: shorten cross-border RMB clearing time and procedures;
Convenient: simple: will not require SAFE clearance;
Transaction Limits: high per & monthly cumulative limits;
Exchange rate advantage：RMB settlement to avoid exchange rate fluctuations
Supported business type: Service trade payment, Goods trade payment.
Fraud Control: Over-limit transaction and suspect transaction are the important objects for fraud control surveillance system.
Refund: Refund by original route.