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Collection Service

According to different features of funds operation of different customers, ICBC provides the most suitable collection services for specific customers and assist them with quickly sweeping funds so as to reduce the time of funds in transition and increase the efficiency of funds use.

1. Collection Manager
Collection Manager is a kind of settlement product targeted at corporate customers and featured by differentiated collection details specific to the payer.
• This product enables batch establishment of several Collection Manager Cards for an account designated by the customer through the system; each such card is given to one payer with the card number in one-to-one correspondence with the payer, making it possible to identify the payer against the card number.
• After the payer makes payment to his/her specific card, the funds will be swept to the customer’s designated account, and the payer will be identified according to the card number and payment information and data will be delivered to the customer.

2. Entrusted Collection
It is a settlement method where the payee entrusts the Bank to collect money from the payer. It is applicable to corporate and personal customers that need to collect debt repayment or public utilities fees.
• This service can be used to handle settlements for customers with acceptance bills of commercial banks, bonds, CDs and other evidences of the payer’s debt.
• Entrusted collection is applicable to both intracity and intercity collections and free from required minimum amount restriction.

3. Agency Collection
Corporate customers can entrust the Bank to collect funds on their behalf, and it is applicable to all corporate customers.
• Customers shall sign agency collection agreement with ICBC, and handle intracity or intercity collection in any of ICBC’s comprehensive banking outlets.

4. Prompt Link
Any corporate customer, after opening an account with ICBC, may deposit money into or withdraw from the account through any of ICBC’s comprehensive banking outlet, and transfer can be completed instantly. It is applicable to enterprises with an extensive sales network.
• Customers can deposit cash into the account in any outside city and make payment or collection for intercity remittance through any of ICBC’s comprehensive banking outlet in China. The service enables instance arrival and settlement within the day.

5. Check Express
Corporate customers can make real-time deduction from the payer’s account through ICBC’s check POS. It is applicable to large and medium wholesale centers, deals and shopping centers with substantial collection checks.
• Customers can check the validity of transfer checks on a real-time basis through our check POS to ensure the buyer’s account has enough balance to make payment and make instant deduction from its deposits.

6. E-bank Collection
Corporate customers can take the initiative in deducting the counterparty’s account for quick collection by submitting single or batch collection files on line through ICBC’s e-banking collection platform. The service is applicable to all corporate customers.
• Customers may initiate deducting the user’s payables through ICBC’s online banking collection platform any time or regularly, enabling quick and safe sweep of sales funds.
• If the customer is engaged in online sales through e-commerce website, it may make real-time collection of sales payments through connecting to ICBC’s online payment platform.

7. Direct Debiting
As long as the customer of direct debiting provides a payer’s account and authorized amount, ICBC can directly deduct funds from such account and transfer the amount to a designated account. The service is applicable to enterprises and public institutes such as telecommunications and insurance that need to make a wide range of scattered collections.
•Customers shall sign agreement with ICBC and provide information for authorized deduction.

8. Door-to-door collection/delivery
If it is required by the customer, ICBC may provide door-to-door collection or delivery of cash. It is applicable to customers in need to large-amount deposit or withdrawal.
• Customers shall sign agreement with ICBC.
•ICBC will ensure the safety of money collected or delivered by means of strict internal control and specialized hardware equipment.

9. Contracted Cash Box
As required by the customer, ICBC can enter into the book cash in the amount as stated by the customer in the bank deposit receipt, which will start to carry interests on the same day. And cash counting and checking will be conducted later. It is applicable to corporate customers handling a large amount of cash.
• Customers shall sign agreement with ICBC.
• Cash will be counted under monitoring equipment of ICBC, thereby ensuring safety and accuracy of funds.

Notes: Information provided herein is only for your reference. Specific business is subject to announcements and rules released by local ICBC outlet.

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