Australia-Corporate accounts of non-bank payment institutions: a historical spiral (pictured) | Australia Chinatown

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And innovation, it can be called the "fundamental law" in the field of non-bank payment.Because of this, the definition of "payment account"

This article is reproduced from the FT Chinese website, and only represents the original source and the original author's views, for reference only, and does not represent the attitude and position of this website.

And innovation, it can be called the "fundamental law" in the field of non-bank payment.It is precisely because of this that the definition of "payment account" is worth thinking about.As stated in Article 2 of the new regulations, “payment account refers to the electronic bookkeeping that is opened for natural persons (including individual industrial and commercial households) according to their true wishes and used to initiate payment instructions, record the balance of prepaid transaction funds, and reflect transaction details. ".After reading this article, a question arises spontaneously: can corporate legal persons or other organizations not open payment accounts?To answer this question, we might as well describe the past and make some explorations.

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Corporate account: the initial form of the account

Looking back in history, ""Has always been referred to as "corporate legal person account." As early as the XNUMXth century, with the advent of "double-entry accounting", independent economic entities engaged in economic activities were the first to use "accounting entities". The form of "account" appeared in the capital accounting system. Since then, all production, transaction and financial activities in capitalism can be simplified into the borrowing equation of "assets = liabilities + ownership". Just as the economist Schumpeter pointed out Yes, capitalism originated from double-entry bookkeeping: "Capitalist practice converts monetary units into reasonable cost-profit calculation tools. Double-entry bookkeeping is its towering monument. "

The details of history fully prove this point.American historian Paul A. Van Dyke once compared the accounts of European countries and the United States in trade with China in the eighteenth century: All East India Companies in Europe have complete accounts and vouchers, which can be accurately provided to the home country headquarters for decision-making. Reference: American merchants in Guangzhou and Macau have only a simple logbook and account book; while the Chinese sailing boat (Junk), which was active in the Pearl River Estuary during the same period, hardly left any bookkeeping records.Without accounts and accounting systems, no country can evolve into a mature commercial society, and this is the important reason why Mr. Huang Renyu complained that the lack of "digital management" led to the decline and fall of the Ming Dynasty.

After the establishment of the modern financial system, corporate legal person accounts were embedded in the account systems of financial institutions such as commercial banks, securities, futures, trusts, etc. Accounts became the connection point between enterprises and financial departments, and accounts became the basic standard for both.With the monetization of income, personal accounts have subsequently emerged, but their main function is only to provide funds for corporate legal persons and financial institutions, rather than using funds and receiving services, and their status is dependent and unimportant.

The rise of personal accounts under e-commerce

E-commerce in the XNUMXst century has completely changed traditional trade. E-commerce platforms represented by Alibaba and Amazon use the Internet to obtain, aggregate, process, and transmit data, turning the trade dominated by large companies into a community where countless individuals gather. Realized the expansion of business models in the new era.From a broad perspective, e-commerce has fundamentally subverted the industrial economy. As Mr. Zhou Ziheng has seen, it has transformed the "unrestricted production" of the industrial age to "anyone, any time, any place, trading any goods and services, "Borderless transaction" using any payment method.In this new market, "online payment accounts" with individuals as the main body have begun to emerge.

Different from personal accounts opened in commercial banks in the industrial era, online payment accounts that grew from e-commerce mainly rely on platform companies, that is, third-party payment institutions.This change first stems from the rapid development of information technology. Advances in computers, mobile Internet and big data technology have made it possible to open efficient, cheap, safe and anytime, anywhere accounts outside of commercial banks.More importantly, with the advent of the scene revolution, payment innovation has developed rapidly from the product side to the application side. The payment account provided by the platform company is not only a part of e-commerce itself, but also has the characteristics of an "interactive service medium" , Which brings together multiple functions such as rights certificates, digital files, and online external activity identities, and even becomes the "digital identity" of the digital age.

Industrial Internet: the return of corporate legal person accounts

Digital transformation has no end, and personal accounts are by no means an end.

In fact, when the Internet enters the second half, the "industrial Internet" of intelligent production methods, digitization of industrial forms, and platformization of industrial organization begins to emerge.In terms of path selection, different from the B2B2C road practiced in Germany and the United States, China has taken the opposite approach and first proposed and implemented the C2B2B road, that is, starting from the user side and gradually expanding upstream, from connecting consumers to connecting Enterprises that provide services to consumers, from connecting the people in the consumer scene to the people in the work scene, thus extending the digital connection to all aspects of personal products and services.This means a shift from "personal digitization (digital identity)" to "enterprise digitization (digital enterprise)". The latter includes not only the digitization of internal production and organization, but also between enterprises and between enterprises and platforms. Effective links and network collaboration.

Links and collaborations must be supported. This is the company's data and accounts.As the identity of the digital value chain, accounts are the core of data aggregation, analysis, circulation, and sharing.In the C2B2B process, from optimizing supply-demand matching efficiency to production quality control, from tracking and tracing in distribution to upgrading the experience of service providers, the platform continues to empower companies that open accounts in an ecological way, making corporate accounts impossible Or missing.As Mr. Ming Liao, the founder of Prospect Avenue Capital, said, unless a "data island" is merged, consumer mass market manufacturers will continue to drift outside of the new retail ecosystem.Rhino is the pioneer of this industrial Internet. It uses Alibaba's huge consumer data to help apparel companies predict which items will sell well, making mass production customization possible.

In short, the Industrial Internet has greatly expanded the scope and functions of payment accounts, and paved the way for the pan-financialization of payment accounts and their deep integration with the real economy.

Back to the original intention of supervision: Promoting competition and functional supervision

From the corporate account in the industrial age to the personal account of e-commerce, to the corporate account in the industrial Internet era, it happens to be an upward spiral.

From this point of view, the "Regulations on Non-bank Payment Institutions (Draft for Comment)" excludes corporate legal persons from payment accounts. It neither sees the urgent needs of enterprises in the industrial Internet era, nor fully realizes the problems of non-bank payment institutions. Empowerment.In fact, among a large number of vertical B2B payment businesses, Lakala, Huifu Tianxia, ​​and Yibao Payment have penetrated into multiple links such as corporate procurement, transaction, sales, and capital management, which are unwilling to reach or serve commercial banks. Inefficient companies provide customized and holistic payment solutions.

For the first time, the new regulations provide for the early warning, identification and supervision of market dominance, which demonstrates the principle of "adhering to market orientation and encouraging openness and competition."The best way to promote competition is to relax market access and increase the supply of services and goods.If corporate legal persons are unable to open non-bank payment accounts, the new regulations will not only restrict their options, but will also harm those small and medium-sized payment institutions that serve enterprises, and the concentration of the non-bank payment market will increase inappropriately. It violates the original intention of supervision.

As the People's Bank of China emphasized in the drafting instructions, “the same business abides by the same rules and avoids regulatory arbitrage and regulatory gaps”.Incorporate non-bank payment institutions and banks into a unified payment regulatory framework, assume equal obligations and enjoy the same rights, without distinguishing business scope and deliberately splitting the market, and promoting all parties to do their best to provide payment services to individuals, corporate legal persons or other organizations. It is the true meaning of "functional supervision" and "fair competition".

This article is reproduced from the FT Chinese website, and only represents the original source and the original author's views, for reference only, and does not represent the attitude and position of this website.

Reprint Statement: This article is reprinted and published, which only represents the attitude of the original author or the original platform, and does not represent our views.Only an information publishing platform is provided, and the article may be appropriately deleted.Contact the original author who has objections and requests for deletion.

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