Over the past few years, ICBC has taken all necessary steps to set up a US dollar Clearing Center in New York in an effort to improve the standard of clearing services, bringing robust increases in USD clearing volume. As of today, ICBC New York Branch has cleared US dollar transactions to a total of more than USD 1 trillion, marking another new phase of the Branch in the set-up of the Center.

As related, ICBC clears its US dollar transactions mainly through foreign correspondent banks before the opening of a subsidiary in the US. This involves complex business process and more steps in the forwarding of remittance, and in some circumstances, the clearing efficiency could not fully meet the requirements of the customers. In view of this, ICBC New York Branch placed USD clearing services as one key focus of business expansion since its inception in October 2008. The Branch soon became a member of two main USD clearing organizations in the world - FEDWIRE (Federal Reserve Wire Network) and CHIPS (Clearing House Interbank Payment System) and was certified to start its USD clearing services as scheduled. To take one step further, ICBC leverages its IT strength on the development and innovation of USD clearing system and products to raise its clearing capacity and service standard. Meanwhile, ICBC New York Branch sees its expanding size of USD clearing customers, with an increase of 2.45-fold against 2009's in the new accounts opened by the peers. The correspondent banking relationships maintained with the peers in 21 countries/regions lays a solid customer base for the Branch to achieve continual growth in USD clearing services.

Counting the first factor for the faster-paced USD clearing services of ICBC New York Branch is the Bank's strong technological capabilities and information system, said the industry insiders. The Branch is currently using a well-known local clearing system with powerful functions. Besides connecting to the two large clearing organizations in real-time, clearing transactions synchronously and automatic straight-through processing of messages, this system is running safely round-the-clock to respond to any clearing request from the customers. More important, New York Branch has stepped up its overall clearing functions after FOVA, a system independently developed by ICBC, was successfully put into production in the Branch. Unlike message transmission in other domestic branches relying on third party's system, all message in ICBC New York Branch between domestic and overseas subsidiaries are transmitted and cleared in real-time via internal network, faster, safer and more stable. Besides, the Branch pays close attention on business continuity management. The clearing system of the Branch has weathered such sudden event as New York blizzard and ensured the stable and secure running of the business.

The USD clearing services of ICBC New York Branch is moving steadily in an upward curve backed by the continuous improvement in service quality. In order to better serve the customers, the Branch moves aggressively on the research and development of new products by dint of its system advantages and a network of overseas and domestic branches. The Branch offers customers one-stop, best-quality clearing services and solutions through its diversified USD clearing products. Meanwhile, the Branch also strengthens its management on message straight-through rate. Regular reports are prepared to analyze the straight-through rate. The Branch has independently developed a tool to look up the USD clearing path, along with weekly updates and regular announcements. The customers are impressed by the Branch services.

An executive with ICBC said, ICBC is one of the earliest commercial banks in the country to open clearing services for foreign currency. In terms of clearing services, ICBC edges ahead the domestic peers and on par with the international standard on the back of its diversified clearing currencies, rich products, strong business processing capacity, advanced risk control measures and highly efficient, stable business processing system. In the past few years ICBC has quickened its steps in the set-up of overseas clearing centers. Currently the Bank has built a backbone clearing network across the globe comprising USD Clearing Center in New York, Euro Clearing Center in Frankfurt and JPY Clearing Center in Tokyo. Through the advanced IT system and a global network of 16,000+ subsidiaries, ICBC is providing safe, highly efficient and fast clearing services in world major currencies to all the customers worldwide.