Online banking in China has become more user-friendly with the People's Bank of China launch of an online interbank payment and clearing system dubbed "super online banking system" this week.

Let's take a closer look with Liu Min.

 The new system provides a one-stop service for customers to do transactions as it integrates all online commercial banking systems. The system's real-time interbank transfers are a breakthrough.

Here is a customer representative from China Merchants Bank.

"If the online customer chooses the old fashioned service, then the interbank transfers will take one or two days. But if they choose the new real-time transfers, the transactions will occur simultaneously."

Banks may charge customers a fee to use the convenient real-time service.

The China Merchants Bank representative explains.

"Real-time transactions charge a 0.6-percent service fee, with the lowest fee at five yuan, and the highest, 50 yuan. If you choose the old transaction service, then the service fee starts at two yuan."

It only takes customers five minutes to sign a contract with a commercial bank online to add their accounts to the "super online banking system." They can then check multiple account information, including savings, mutual funds and stocks.

But experts like Guo Tianyong, a professor at the Central University of Finance and Economics, say some unforeseen bank security problems will likely emerge along with the new system.

"Such a convenient system also imposes a higher demand on security shields since the platform can now enable people to access accounts at multiple banks. Once there is a system loophole, the damage will be greater than before."

There are also concerns as to whether the "super online banking system" will affect the business of other online payment services like Paypal.

Zhu Jian, a manager at Paypal, says it will not.

"There is a difference between the services. Paypal acts like a third party to help transfer money between customers and sellers. But online banking transactions between different parties is different. In fact, the "super online banking system" won't affect the service we provide. The new online banking system will also help us provide more services for our customers in the future."

So far, there are no plans for Paypal to be integrated into the overall banking system. At present, commercial banks charge different fees for interbank transfers. In the long run, however, experts say fees will be reduced because the "super online banking system" will increase banks' efficiency.

For CRI, I'm Liu Min.