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ICBC Completed China’s First Cross-border Remittance through “Single Window”

On April 18, the standard financial services function of “Single Window” was officially launched by the National Office of Port Administration of the General Administration of Customs, Industrial and Commercial Bank of China (ICBC) and other financial institutions. On the same day, ICBC Xiamen Branch completed China’s first cross-border remittance for Xiamen Xiangyu Superchain Supply Chain Development Co., Ltd. (Xiamen Xiangyu), providing the customer with convenience of dealing with cross-border trade business online without going out.

It is known that Xiamen Xiangyu submitted application for cross-border remittance to ICBC Xiamen Branch through “Single Window”, and simultaneously transmitted electronic documents such as customs declarations, contracts and invoices in real-time. It succeeded to complete the entire flow of business processing from signing an agreement , user binding to cross-border remittance, which realized intelligent circulation of electronic documents and information, and thus greatly improved the efficiency of cross-border settlement and experience of services.

“Single Window” is an integrated information management platform jointly established by the National Office of Port Administration of the General Administration of Customs, ICBC and other financial institutions. It provides standard services to facilitate cross-border trade for enterprises. The standard edition of “Single Window” launched this time is supplemented with the functions of signing of tripartite agreement, making an appointment online to open an account, user biding, cross-border remittances and exchange quotation inquiry. Enterprises can log in the “Single Window of China International Trade”to submit standard documents and electronic information required by the Bank through one-point access and one-click submission, so as to complete the entire process of cross-border trade business online. As a core financial service, cross-border remittance through “Single Window” can effectively improve the efficiency of cross-border settlement and reduce the operating costs for enterprises, especially small and medium-sized ones.