Recently, ICBC received the sixth patent of this year after A System and Method Compatible with Universal Payment System was awarded the National Invention Patent from the State Intellectual Property Office (SIPO).

A System and Method Compatible with Universal Payment System is a system and method for the processing of payment using different business flows based on the transaction codes. The new system and method enables compatibility among payment systems so that bank can launch new payment service quickly without spending too much time and effort when developing new services or products. The new patent further sharpens ICBC competitive edge in technological advance and protects ICBC in embracing latest technology to develop application products.