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  Home Page > E-banking >Corporate E-banking Service >Settlement Service >Corresponding Bank Service >Agency Exchange
Agency Exchange
 

I. Introduction 
Agency Exchange through corporate Internet banking is a service that other banks (principal bank) entrust ICBC to conduct outward and inward remittance transactions through corporate Internet banking. The client can commit a single instruction or batch instructions and inquire on the instructions.

II. Target Client
Banks which need agency services of payment and settlement.

III. Features
1. Simple application procedures  
The bank client need only sign the Payment and Settlement Agency Agreement with ICBC and register for Internet banking to enjoy the agency services of payment and settlement and the convenience which ICBC provides with an advanced electronic settlement network and efficient operations.
2. Low control risk
Online payment and settlement allows the relevant documents to be delivered in an electronic form rather than in paper and by hand, thus reducing the risks in document transfer.
3. Fast business processing
With the agency services of payment and settlement by ICBC, the bank client can, by sending a remittance application to ICBC through ICBC Internet banking, have the remittance transferred automatically through the ICBC system, which greatly increases the speed of remittance processing.

IV. Application Condition
Registered clients of ICBC Internet banking who have adequate settlement guarantee fund in their settlement accounts at ICBC.

V. Sign up
1. For qualified banks, ICBC shall sign the agency agreements with them to establish their relationship as principal and agency, such as the Bank Draft Issuing Agency Agreement and the Other Payment and Settlement Service Agency Agreement. For banks who apply for opening of online payment and settlement services, the client shall present proof documents including the Payment and Settlement Service Agency Agreement already sighed with ICBC.
2. The bank client shall submit all application materials to ICBC, which will be examined and verified by ICBC. ICBC shall reply within two weeks after receiving the application form; and the bank branch as agency shall complete necessary procedures to open Internet banking for any bank whose application is approved.

Ⅵ. Service Channel and Time
The Corporate Internet Banking Certificate Edition provides 7×24 non-stop services.

Ⅶ. Considerations
1. To ensure that the agency services of online payment and settlement are conducted appropriately, all banks must act in strict accordance with the Measures for the Agency of Payment and Settlement Business issued by People's Bank.
2. Entrusted online remittance is processed following the order that remittance will be first transferred to the correspondent ICBC branch and then to the remittee bank, thus banks cannot return the bank draft for this reason. Also, after the test key is verified, banks cannot inquire or return the bank draft for the reason that the test is not conducted by human operator. 

Responsibility Statement: The contents on this page are for reference only. The ultimate power of interpretation is under the Industrial and Commercial Bank of China Limited. For part of the contents, notice and specific regulations of local branches shall prevail.


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