OREANDA-NEWS. April 26, 2013. The People’s Bank of China (PBOC) recently issued two industry standards which presided over by Agricultural Bank of China Limited (ABC). They are entitled the Documentation Norms for Software Test of the Banking Industry (JR/T 0101-2013) and the Descriptive Norms for Product Specification of the Banking Industry (JR/T 0102-2013), respectively. The issuance of these industry standards confirms that ABC is capable of taking the lead in creating industry standards that have impactful and lasting significance.

The announcement stated that these financial industry standards are part of new technical rules issued by an appropriate industry department with authorization from the State Council and as such, shall be jointly observed and continuously used within the financial industry. These standards are the comprehensive reflection of science, techniques, and experience, and provide important guidance and norms for financial businesses and techniques. Upon being tasked by the China Financial Standardization Technical Committee (CFSTC) in 2011, ABC built a dedicated work group to carry out the mission as required by unique characteristics of the industry’s standards and practices.

The new standard requires the compiling of documents in accordance with the Documentation Norms for Software Test of the Banking Industry (JR/T 0101-2013), requirements that can effectively improve the visibility of the process, activities and tasks of the test, and thus improve the manageability of the test. This standard complies with national standards and integrates foreign advanced standards and international standards into national industry standards, including the latest results of the standardization of software test documentation. Its great significance lies in improving the software test and document quality of the Chinese banking industry and effectively accumulating software test assets for repeated use.

Based on the analysis of existing non-credit banking products, the Descriptive Norms for Product Specification of the Banking Industry (JR/T 0102-2013) summarizes and standardizes financial product information be provided for customers, and from the perspective of the customer, by a bank when they are contracting or using a banking product. It specifies the contents of banking product so that customers can more accurately understand the product they are contracting for or using. It also helps customers to understand returns, charges, and risks of banking products. The issuance of the standard conforms to the rapid development of the domestic banking industry offering diverse banking products into the market.