Background Introduction
Many systems need more support in putting
Chinese Hanzi characters in payee names. This is an essential requirement for Chinese banks and regulatory agencies to conduct real-name authentication for remittance payees in China.This solution addresses and fulfills these regulatory requirements by enhancing the functionality of xCurrency Hubs’ partner’s platform. Thus, service accuracy and user experience will improve, and compliance with China’s AML Requirements will be maintained.
Our Solution for Collecting Chinese Hanzi Characters
This flowchart outlines three cases for processing cross-border payments aimed at solving the Chinese character information challenge:
- Case ①: Extracting Hanzi from the 18-digit business registration number
for Business Payout - When available, the 18-digit business registration number is included in payout requests, and Hanzi data is extracted. Successful payout funds.
The Unified Social Credit Code (USCC) is a unique, 18-digit national business registration number issued to all businesses and other entities in China.
- Case ②: Extracting Hanzi from Purchase Invoice/Order
for Business Payout - Without the 18-digit business registration number, the system uses OCR to extract Hanzi from a submitted Purchase Invoice or order. If successful, funds are payout.
- Case ③: Collecting Hanzi Data via QR Code/Link
for Personal Payout and Business Payout - If Hanzi extraction fails, the system advises collecting data via QR or link. Once the Payee provides a Collection ID through this method, funds are processed after re-extraction and verification.
We will endeavor to resolve the Chinese character issue through these three relay cases.
Process of Collect Hanzi data through QR Code/Link (Case ③)
Collecting Chinese Hanzi characters via QR or link is uniform for all payouts (Personal or Business).
Step 1: Initiate the Process
The payer arrives at your counter and scans a QR code for a CNY fast collection guide, or you can send the collection link directly to the payer through your customer's operation tool.
Step 2: Payee Authentication
Then, the payer shares the collection link with the payee.
- Share Authentication Link: The payer shares the QR-linked authentication link with the payee.
- Complete Authentication: The payee completes real-name authentication via the link.
- Receive CNY Collection ID: Upon authentication, the payee receives a unique CNY collection ID.
Step 3: Finish the process via Communication of Collection ID
- Send Collection ID to Payer: The payee sends the CNY collection ID to the payer to enable the transaction.
- System API Interaction: Your Transfer system sends the CNY collection ID to the backend via its API, regardless of the transaction method.
- xCurrency Hub Processing: xCurrency Hubs receive the ID and decode the payee's real-name authentication information.
Integration Timeline
We will be implementing our new Chinese Hanzi Character Collection solution in phases. Initially, we will start with manual input of Hanzi characters, providing a transition period for you and your customers. Starting December 1st, we will shift to automatic ID uploads featuring Hanzi characters to enhance our payout success rate to over 99%. This will help us route your payout transactions through more channels and ensure compliance with regulatory requirements for transaction adjustments.
Phase | Phase Name | Period |
Phase 1 | Manual Entry of Hanzi Characters | September 2024 - November 2024 |
Phase 2 | Automated Upload of IDs Containing Hanzi Characters | December 2024 onwards |
Customer Journey of Collect Hanzi data from QR Code/Link (Case ③)
Payer - Share QR Code
Phase 1 - Manual Entry of Hanzi Characters
Payee - Share Collection ID for Personal Payout
Payee - Share Collection ID for Business Payout (B2C)
Phase 2 - Automated Upload of IDs Containing Hanzi Characters
Payee - Share Collection ID for Personal Payout
Payee - Share Collection ID for Business Payout (B2C)
Demo
This demo will provide a hands-on preview of how the solution facilitates the efficient collection and processing of Chinese characters, ensuring ease of use and clarity in transactions.
The guide pages for both the payer and the payee serve as an experience demo of our Chinese character collection solution.
Page Demo | Page Link |
The landing page for payer | |
The landing page for payee |
System API Integration
To verify if a customer has utilized a QR code or link, please refer to the following interface documentation to call a query through the interface of /global/payout/validation/query-chinese-characters.
Pass in the
collectionId in the parameters of the call to create a transfer through the interface of /payout/payment/createFAQ
Q1: Where are our data servers located?
Our data servers are strategically located globally to meet performance and regulatory compliance needs. To ensure we comply with local regulations and to provide the best possible service, we prioritize storing customer data in the same geographical region as our customers. This approach enhances data access speeds and reliability and ensures we adhere to regional legal and compliance requirements.
Q2: How do we ensure compliance with the European General Data Protection Regulation (GDPR) and China's Personal Information Protection Law?
We ensure GDPR compliance through rigorous data protection strategies, including data minimization, obtaining necessary consent, implementing data access controls, and upholding the right to be forgotten. We conduct regular audits to verify our adherence to these standards.
Our security measures include advanced encryption, secure access protocols, and continuous monitoring to protect your data effectively. We consistently update these measures to tackle new threats and prevent unauthorized access.
Customers can request the deletion of their data following GDPR and China’s Personal Information Protection Law. We provide straightforward methods for data erasure and access.