As a core business subsystem of the second-generation payment system, the Internet Bank Payment System (IBPS) was initially launched on August 30, 2010, and rolled out nationwide on January 24, 2011. It primarily supports interbank (and intra-bank) fund transfer processing for emerging electronic payment services such as online payments.

The system adopts a real-time transmission and response mechanism, enabling it to process interbank payments, interbank account information inquiries, and online signing, among other services. Through the online banking platforms of commercial banks, customers can conveniently handle various interbank transactions without leaving their homes and receive real-time updates on the final processing status of their transactions.