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     -  Discounting of Electronic Commercial Draft by Interest Agreed
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  Home Page > Corporate Banking >Bill Business >Electric Commercial Draft Discounting >Electric Commercial Draft Discounting (Buy-out)
Electronic Commercial Draft Discounting
 

I. Description
Electronic commercial draft discounting refers to the business act of a corporate bearer transferring via online banking its legitimately acquired undue electronic commercial drafts with true transactions, in the form of full endorsement, to the ICBC Bills Discounting Department and related outlets of ICBC, and the Bank, after charging a certain interest, paying the agreed amount to the bearer.

II. Target Customers
Business entities and other profit-making organizations holding electronic commercial drafts and with short-term financing needs.

III. Features and Advantages
i. Electronic commercial draft discounting can reduce an enterprise's bills receivable, instantly convert them into cash assets, enhance the asset liquidity, and optimize the structure of financial statements;
ii. It can provide additional financing channels for enterprises, speed up their capital turnover, and thus enhance the efficiency of capital utilization;
iii. It may vitalize an enterprise’s existing assets, reduce related financial expenses such as interest expense, enhance the assets utilization ratio, and reduce the financing costs;
iv. It can shorten the transit time of commercial drafts and funds, reduce transaction costs, and enhance payment efficiency.
v. Easy procedures, practical and efficient financing meet the enterprises' demands for quick availability of funds.

IV. Documents Required
i. The original and a photocopy of the applicant’s business license; for enterprises whose business license, organization code certificate and tax registration certificate are not combined, the original and a photocopy of tax registration certificate shall be provided additionally;
ii. The original of the handler’s identification card, and the photocopies of the handler’s and the legal representative’s identification cards;
iii. A power of attorney authorizing the handler to handle the business (stamped with the official seal and signed/stamped by the handler);
iv. The original and a photocopy of the trade contract;
v. The original and a photocopy of the related tax invoice;
vi. Audited balance sheet and profit and loss statement, and the balance sheet and profit and loss statement of the current period;
vii. Discount Agreement in the prescribed form (completely filled out, affixed with official seal or contract seal, the personal seal or signature of the legal representative or the authorized agent);
viii. Other documents required by the ICBC Bills Discounting Department and related outlets of ICBC.

Note: The information provided on this page is for reference only. Concrete business shall be subject to the announcement and provisions of the local outlet.


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