中國大陸支付清算系統的重要革新與監管

Abstract

支付清算系統作為一國重要的金融基礎設施，其建設、運行與管理的情況對貨幣政策、金融市場以及經濟發展都將產生重要影響。中國大陸的支付清算系統從開始建設至今已經在制度安排與技術創新方面發生了巨大變化，主管機關亦在法制層面完善相關制度與安排，力圖對其進行有效監管。但無法否認，目前支付清算系統中還是存在很多問題。\n從金融機構的角度看，支付系統進化到第二代後，「一點接入，一點清算」的管理模式提升了其清算資金的使用效率與流動性管理能力，順應了大數據發展趨勢，還降低了其支付清算的管理成本。但相應的，也帶來了流動性風險集中、法定存款準備金被透支、流動性風險管理工具無法及時發揮作用以及央行各分行監管難度加大等問題。\n從非金融機構的角度看，第三方支付一直走在金融創新的前列，主管機關對其的監管措施與制度安排亦經常推陳出新。以最新的法制對第三方支付進行檢視，存在沈澱資金是否允許投資、沈澱資金孳息的歸屬、反洗錢機制以及交易安全風險責任的分擔等監管困境。\n對於上述問題，有必要通過比較法研究借鑒經驗，並結合實際情況提出切實可行的解決方法或完善路徑。

As an important financial infrastructure of a country, the construction, operation and management of the payment and settlement systems will have an important impact on monetary policy, financial market and economic development. Since the construction of the payment and settlement systems in mainland China, great changes have taken place in terms of institutional arrangement and technological innovation. The competent authorities have also improved relevant systems and arrangements at the legal level in an effort to effectively supervise them. However, there are still many problems in the current payment and settlement systems.\nFrom the perspective of financial institutions, after the payment systems evolved into the second generation, the management mode of "one-point access, one-point clearing" improves the efficiency and liquidity management ability of clearing funds. It also complies with the trend of big data, and reduces the management cost of payment and clearing. However, it also brings problems such as the concentration of liquidity risk, the overdraft of statutory reserve, the inability of liquidity risk management tools to function in time. And it is harder for central bank branches to carry out regulatory measures.\nFrom the perspective of non-financial institutions, the third-party payments have always been at the forefront of financial innovation, and the regulatory measures and institutional arrangements of the competent authorities have often been updated. Use the latest legal system to examine the third-party payments, and there are regulatory difficulties such as whether the precipitation funds are allowed to invest, the ownership of the fruits of precipitation funds, anti-money laundering mechanisms and the sharing of transaction security risks.\nFor the above problems, it is necessary to compare legislation in different jurisdictions and put forward practical solutions or improvement paths according to the actual situation.