For nearly 30 years since its establishment, Minsheng Bank has adhered to its corporate mission of "serving the public and caring for people's livelihoods," leveraging financial innovation to support consumption growth and the digital transformation of the real economy. Recently, the bank officially launched its "Live Streaming Payment and Direct Bank-Enterprise Recharge System," co-developed with leading live streaming agency Hangzhou Yaowang Network Technology Co., Ltd. (Yaowang Technology) based on its "Payment Connect" product.
This system addresses common pain points in the live streaming e-commerce industry, such as cumbersome payment reconciliation, by integrating fintech with business scenarios to provide enterprises with a comprehensive fund management solution. This initiative exemplifies the banking sector’s active role in fostering the growth of live streaming e-commerce.
**Customized Tech Solution Tackles Payment Management Challenges** As a top live streaming agency with extensive anchor resources, Yaowang Technology faced issues like delayed payment confirmation and unsynchronized transaction records during high-frequency live sales. To resolve this, Minsheng Bank’s Hangzhou Yuhang Branch swiftly mobilized a cross-level collaboration mechanism, forming a dedicated technical team comprising fintech experts, risk advisors, and business specialists from its headquarters and branches.
The team immersed itself in Yaowang’s operations, covering live streaming planning, product selection, and transaction settlement. By efficiently addressing time-sensitive demands and overcoming technical hurdles, the team completed the entire process—from requirement analysis to system deployment—in just 15 days. The resulting automated and standardized payment management system, coupled with direct bank-enterprise recharge functionality, eliminated delays in payment confirmation and record synchronization.
The system enables real-time fund settlement and reconciliation notifications, with all transaction records stored using financial-grade encryption. Its multi-dimensional filtering and query capabilities significantly reduce manual operational risks and enhance accounting efficiency.
**Bank-Enterprise Collaboration Sets New Standard for Live Streaming Finance** Centered on end-to-end digital payment and refund processing, the system establishes a full-cycle service framework encompassing technical development, operational support, and fund planning. It also integrates mainstream live streaming platforms with corporate ERP systems, breaking down data silos to form a closed-loop management process.
Within its first week, the system demonstrated robust performance: efficiently processing massive live streaming transactions and setting up dedicated sub-accounts for 53,000 suppliers. Its stability and efficiency resolved multi-party fund management bottlenecks, earning high praise from enterprises, suppliers, and industry stakeholders.
A representative from Minsheng Bank’s Hangzhou Branch stated that the bank will continue refining its offerings for the live streaming e-commerce sector, upgrading tailored financial products and services in key areas like supply chain finance and payment settlement to drive high-quality industry growth.
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