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  Home Page > Corporate Banking >Settlement Service >Domestic Settlement >Collection Service
Collection Service
 

Prompt Link
Check Express
Commission Collection
Door-to-door Collection
Collective Collection
Collection Manager
Others

Prompt Link
I. Definition
Prompt Link refers to the universal deposit and withdrawal service offered by the ICBC to corporate customers through using modern IT and telecommunication network.

II. Description
After opening an account at the ICBC, the customer can deposit or withdraw funds through the account at the Bank’s any integrated outlet. The transfer of funds can be completed instantly.

III. Requirements
When the customer handles universal deposit business (deposits for non-local account), the beneficiary’s account must be opened at the Bank. When the customer handles the universal withdrawal business (payment from non-local account), the payer’s account must be opened at the Bank and the payer has already signed the universal withdrawal agreement with the Bank. Moreover, the instant payment voucher issued by the payer must use a payment code. To achieve instant account entry, the beneficiary and payer both have to open accounts at the Bank.

IV. Solutions
1. Achieving universal deposit and withdrawal for corporate business within province or nationwide;
2. Inter-city universal deposit can realize inter-city cash collecting, and inter-city transfer;
3. Inter-city universal cash withdrawal can realize inter-city transfer.

V. Features and Advantages
1. Secure payment. The payment voucher has a payment code to be filled in by the customer. In process of payment, the Bank can directly verify legality of the code so as to keep the customer’s funds safe.
2. Convenient operating institutions. The Bank’s more than 20,000 operating institutions nationwide can provide customers with convenient services. Customers can handle the business at the Bank’s any corporate or integrated operating institution.
3. Rapid cash flow. The Bank’s computer network nationwide can provide the customer with timely and accurate services. While the customer finishes various remote settlement procedures and gets the receipt issued by the Bank, the customer’s account and the reciprocal account will be updated synchronously.

Check Express
I. Definition
Check Express is an innovative settlement product developed by the ICBC through the POS network, with the aim to speed up check settlement, enhance security of check settlement, and make check settlement and transactions convenient.

II. Description
Check Express offers convenient and rapid financial services to special units and cargo-purchasing corporate customers with a large number of transfer checks. Functions of the Check Express include online payment in real time, online confirming whether it is a blank check or not, online identifying check password.

III. Requirements
Sales unit has to open a settlement account at the Bank and sign the Agreement on Check Express with the Bank. Unit or individual using checks to buy goods or for consumption shall open settlement accounts at the Bank and use payment codes.

IV. Solutions
After the sales unit accepts a transfer check submitted by the unit buying goods (or for consumption), it will use the payment code to verify effectiveness of the check through the check acceptance terminal connecting the Bank’s computer system. After confirmation, the Bank’s computer system will immediately deduct account deposits of the unit buying the goods automatically according to face amount. If the unit sells goods, it shall allow the buyer to take goods away. If the unit is in catering or service industries, it shall offer services. After the sales unit submits the accepted check to the deposit bank, the Bank will accredit the funds into its account on the very day of check submission.

V. Features and Advantages
1. Instant funds deduction to avoid blank checks. Customers can use the check acceptance terminals offered by the Bank for free to verify effectiveness of the transfer check in real time. Account deposits of the unit buying goods (or for consumption) can be deducted instantly;
2. Selling goods in real time to accelerate turnover. After deducting funds for purchases, the sales unit can allow the buyer take away goods immediately so as to reduce inventory pressure and speed up turnover;
3. Flexible settlement to expand customer scope. Corporate customers in the catering and consumer industry can boldly and securely receive clients using transfer checks for consumption, which helps them expand customer scope;
4. State-of-the-art settlement for attracting more customers. As the business supports immediate taking away goods or consumption, it will certainly attract more customers to shopping malls;
5. Breaking through regional restrictions and supporting inter-city sales. After carrying out the business, the sales unit can directly accept transfer checks of consumers across city (region) with fund security guaranteed.

Commission Collection
I. Definition
Commission Collection is a means of settlement that the beneficiary authorizes a bank to collect funds from the payer.

II. Description
A unit or individual holding accepted commercial bill (including commercial acceptance bill and banker's acceptance bill), domestic letter of credit, and savings commission collection (certificate of deposit), or bonds which can prove debt of the payer to handle funds settlement can use the Commission Collection settlement.

III. Requirements
Commission Collection settlement can be handled in the same city or other regions without starting point and highest quota for amount. When handling the Commission Collection business, the beneficiary shall submit Commission Collection voucher and relevant debt certificates to the Bank.
In the same city, the beneficiary, when collecting public utility charges, can use same-city special Commission Collection according to regulations of the State Council. When collecting public utility charges, the beneficiary and payer must possess economic contracts signed in advance so that the payer can authorize the deposit bank. After approval of the deposit bank, the beneficiary shall report the business to local branch of the People’s Bank of China for approval.

Door-to-door Collection
I. Description
Door-to-door Collection includes two ways, namely, long-term door-to-door collection in fixed place, and temporary door-to-door collection.
The long-term door-to-door collection in fixed place refers to the service that the Bank sends personnel to the place where the VIP depositor with large daily deposits and difficulties in depositing funds at the Bank’s outlets, to handle the collection business (including face-to-face counting and contract packaging collection) on regular basis.
Temporary door-to-door collection refers to the service that the Bank temporarily sends personnel to depositor who temporarily deposits large funds and asks the Bank to offer the door-to-door service, to handle the collection business.
At present, the Bank mainly adopts the IC card door-to-door collection service. This service refers to the operations that the bank’s employees, during the collection process, use door-to-door POS and take advantage of the IC card as the data carrier to handle and manage the business.

II. Requirements
Customers opening accounts at the ICBC, after meeting requirement of the Door-to-door Collection Agreement, and signing long-term and temporary door-to-door collection agreements for collection by IC cards, can apply for this service.

Collective Collection
I. Description
Collective Collection refers to the business that the customer submits multiple collection instructions in one time via counter and e-banking channels so that the Bank can directly deduct from payer’s RMB and foreign currency accounts opened at the Bank or other cooperative banks, which can help the customer realize  centralized collection management between different accounts worldwide.

II. Requirements
When the customer applies for the Collective Collection business, the payer must open an account at the ICBC and sign the Collective Collection product agreement with the Bank and fill in the application form of Collective Collection business.

III. Features and Advantages
1. Customer can realize centralized management of collection business. After gathering collection instructions between the customer’s all accounts and other accounts, the customer can submit the instructions to the Bank so as to enhance business handling efficiency. It can help the customer quickly collect sales funds, service fees, and funds allocated to branches.
2. It supports cross-border collection business. The Collective Collection can realize collection between domestic accounts, between domestic and overseas accounts, and between overseas accounts. It can also handle collection business at any place in the world.
3. It has diversified collection ways. When collecting funds, the Bank can collect funds in full amount according to the collection amount. In addition, when the payer’s account sees insufficient balance, it can collect all the remaining account balance.
4. It offers high information security. The Collective Collection provides the customer with special tools software for digital signature and encryption of instruction documents to ensure security of the documents in the handling process.

Collection Manager
I. Description
Collection Manager is a product distinguishing collection details according to fund sources offered by ICBC to the unit customer to help the customer enhance capital usage efficiency, and quickly collect sales funds, service fees or funds allocated to branches.

II. Requirements
When the customer applies for the collection manager business, the payer must open an account at the ICBC, sign the collection manager business service agreement with the Bank, and fill in the application form.

III. Features and Advantages
1. It can enhance beneficiary's account checking efficiency. Under the circumstances of a large number of payers, multiple deals of collection funds, and similar collection amount, the beneficiary using the product can effectively distinguish the information of payers. On the basis of ensuring that collection funds could be accredited into the beneficiary's account in real time, the Bank can provide the beneficiary with collection details and help the customer enhance efficiency of receivables reconciliation.
2. It can offer clear collection information. The collection manager can, according to the customer's operating management practice, set payer name or code information, divide the collection fund information by payers and arrange the information by time to help the beneficiary precisely manage information of collection funds.
3. It can support timely information inquiry. The customer can inquire collection details via multiple channels such as the corporate Internet banking and counter to timely follow collection funds from payers. Specifically, the customer can also inquire the collection details via corporate Internet banking in real time or uses the trading interface offered by the Bank to inquire collection details in real time. The Bank’s customer manager can inquire the customer's collection details via the corporate customer marketing management system.

Others
For information of other collection settlement products such as agreement cashbox, direct debit, collection tuition, etc, or if you have demands for collection settlement service, please contact local ICBC, or dial 95588.


(2015-04-27)
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