Bank VS Third party payments: Peer-to-peer fund hosting which strong?

Reed Shang Yu Li Xiangxiong

With the contours of the Internet financial regulatory principles becoming clearer, "peer-to-peer funding needs to be managed by a third party" has become a consensus in the industry. At the same time, it has become one of the "standard" means by which many peer-to-peer platforms are adding credit to their official web sites: "Funds are managed by third parties", "entrusting third party organizations to fund management of user accounts" and "fund transactions through Third-party payment platforms".

"Why they can roll the money, because there is a management problem, the site's money, the client's money can be manipulated by it." But the third party pays the fund to precipitate, we are requests the bank to carry on the trusteeship. Some http://www.aliyun.com/zixun/aggregation/11699.html ">p2p website to do well, borrow people and lend out people must open a bank, the tender process accumulated deposit funds into the special account, funds only two direction , it is safe to go out to the borrower and back to the lender. "In September this year, Mu Huibung, director of the Central Bank Law Division, said that the biggest risk in the Internet industry today is market positioning and funding trusteeship." Borrower's credit risk, fraud risk, network company's risk of financing, in the present are more prominent, so the core problem is to do a good job of fund-hosting.

So the question is, how about the core problem of Peer-to-peer industry fund trusteeship?

Bank trusteeship wins in qualification

Third party payment managed by the pre-emptive

"We currently have more than 300 Peer-to-peer platforms hosted by our partner account, with more than 400 managed accounts," said the company. "October 20, Zhong, general manager of the Internet Finance Department of the world's remit payment, said in Beijing. By the end of July, the number of platforms to work with was still around 200, a figure that nearly doubled in two months.

However, Zhong's judgment is different from many of the platforms ' self-styled optimism: "Most platforms are still not implementing Third-party escrow, which accounts for about 60%." ”

From the current Peer-to-peer implementation of the third-party trusteeship of the way, mainly divided into bank custody and third-party payment agencies trusteeship. The implementation of bank-hosted platform is very few, in addition to the new film, many for the bank is a peer-to-peer platform such as the opening of finance under the open Xin Loans, the Bank of the small horse banks. Other platforms for implementing Third-party hosting of funds are in cooperation with third-party payment agencies.

"The bank is certainly more qualified and justified as a third-party custodian, and asset trusteeship is a business of its own." "0 Financial Research director Li Yaodong said," The bank is also more credible, its trusteeship business is the corresponding legal provisions for guidance. Third party payment agencies are not legally bound in the Trusteeship business. ”

The banks are still wary of third party payments, which are busy in a niche area of peer-to-peer funding. "Banks are really not enthusiastic about this business because of the fact that Peer-to-peer regulation is not yet in place and the risks are too high, but there have been some recent moves," he said. "A large line of relevant business units, said the" action "refers to the recent announcement and the Bank of Changsha, Huaxia funds in the fund trusteeship, transfer and balance of financial and other aspects of cooperation.

In this regard, a large line of relevant business units also hold a similar view: "After all, the bank has accumulated so many years of business experience, in the trusteeship of more advantages, the market is currently dominated by third-party payments, but in the future after the regulation, the main trend should also let banks do." ”

However, as a leader in third-party payment agencies, the world is not afraid to compete with banks. "Banks do this field by citing diversified competition." "We have nearly 400 platforms across the industry, including similar funds in other payment companies, and the number is relatively large," Zhong said. "According to the introduction, the third party payment organization's core is the innovation ability, to the Peer-to-peer industry statistics as well as to the market understanding," out of the market analysis, we can quickly iterate the product, does some function the union, the renewal. ”

Xiangwen, vice president of remittance data, said: "At the root, the banks are not good at serving small and medium enterprises, so the Internet financial development opportunities, Peer-to-peer Platform services, small and medium-sized enterprises, we can do better than the bank." ”

In addition, respondents mostly said that in the future in the area of fund-hosting, banks and third-party payment agencies there is the possibility of cooperation.

"If banks are to be regulated in the future, we have a lot of room for cooperation with banks," he said. Zhong said, "We do the account system plus the payment function, may transfer funds directly to the bank to monitor." ”

Third party payment trusteeship Status:

The reality is difficult to distinguish

On the afternoon of October 20, just announced the completion of the tens of millions of dollar a round of financing of the Peer-to-peer platform Silver Passenger network President Lin Emmin to the "First financial daily" reporter admitted that third-party account hosting can not solve the problem of Peer-to-peer network lending false targets, "can be solved if the money in the account has shown that the money is indeed in, Not like some platforms to pool funds, the account shows that there is so much money, but in fact, can not be taken out, resulting in difficulties in mentioning. But we can guarantee that if the money is on the account, it will prove that the money is in the account and can be taken out. ”

In order not to touch the regulatory red line, to win the trust of investors and other reasons, many platforms are now promoting their own implementation of the "funds by the Third-party custodian."

However, according to the survey found that the publicity behind whether the implementation of trusteeship, true and false difficult points. Even some platforms deliberately confuse the concept of "third-party payment agencies" and "third party escrow", deliberately promoting the platform to cooperate with third-party payment agencies, so that investors mistakenly believe that the transaction process on the third party payment platform, is the realization of the Fund custodian.

It is noteworthy that not all third-party payment agencies have a fund-hosting business, and only a handful of them are currently operating.

According to Zhong, the current Peer-to-peer platform of the capital channel is roughly divided into three kinds of models. One is the channel mode, that is, the Fund is not implemented, investors will recharge the money to the platform or platform in the bank opened the account, a number of platform-run incidents are such models; the second is the platform for payment in the form of funds deposited in the bank account or Third-party payment agency accounts, in this mode, the bank's account of the flow of funds without substantial monitoring Third, the establishment of a managed account, that is, on the basis of a third party in the fund, for investors and borrowers to set up a virtual two-level account, to achieve point-to-point capital flow monitoring, relatively safe.

According to Li Yaodong, most of the platforms now take a first to second way, and a relatively good third party hosting is the third model adopted. "The third model is relatively safe and not absolutely safe," he said. ”

As to the situation that the platform and its partners have false targets, the existing third party trusteeship means is obviously weak. The transaction instruction is issued by the platform and the third party trustee is hard to verify the authenticity. In this respect, Zhong said: "Really completely eliminate this situation, there is no way to ensure." We do fund hosting, is to achieve the platform does not control capital, business model is to do capital flow and information flow. "It is understood that the world has an existing set of false target of the early warning mechanism, in the platform transaction data anomalies will be early warning, theoretically increased the cost of the platform fraud."

Lin Emmin said, Peer-to-peer is a wave of the process of dredging, "but the Internet finance to strengthen supervision, the false mark is difficult to solve." Finance is a long chain, may take the first step will have bad debts, but the second step may start to do the fake project digestion, if the project can survive, if the past will be able to fall, so repeated cycle, wait until the last few of the time, definitely put is the real project, And the platform has the capacity to control all risks. ”

Compared with the third party trusteeship mechanism of the securities market, the current Peer-to-peer fund third party trusteeship lacks the participation of a neutral institution similar to the "Securities Registration and settlement", and it is difficult for the third party custodian to verify the authenticity of the transaction information. Second, the trusteeship of the securities market is managed by the Bank Management funds, securities brokers management transactions, the real capital and transaction separation. This may bring a little reference to the emerging Peer-to-peer fund-hosting model.