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For domestic bank-to-bank payments, China has CNAPS https://www.bis.org/cpmi/publ/d105_cn.pdf https://www.bis.org/cpmi/publ/d105_cn.pdf [PDF] - the paper (2012)
by zhte415 7y ago
For domestic bank-to-bank payments, China has CNAPS https://www.bis.org/cpmi/publ/d105_cn.pdf https://www.bis.org/cpmi/publ/d105_cn.pdf [PDF] - the paper (2012) could be updated especially in regard to foreign currency.
tl;dr CNAPS is a bank-to-bank system, but in effect means domestic CNY transfers between major banks should settle within 30 minutes.
WeChat Pay / AliPay are a bit different, more like PayPal (though not completely like PayPal).