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Bank-Enterprise SWIFT Solution

I. Company Background
A company has its headquarters outside China and pushes the use of one ERP software globally. The company has joined SWIFT organization as a member of SWIFT SCORE. The company has its own SWIFT BEI code.

II. Company Requirement
The company wishes to work with banks to remotely monitor the accounts in China, manage and allocate the cash reserves in China from the headquarters via SWIFT network. The global management and independent local operation are combined to support subsidiaries' localized operation. Locally, subsidiaries enjoy the best-quality, comprehensive primary financial services, cash management services and advisory services.

III. Solution Design
Company headquarters, company's subsidiaries, administrating partner bank and co-administrating partner bank (ICBC) work together to set up a treasury management platform for the company. Co-administrating partner bank provides local cash management services in China.

Account Framework
All subsidiaries of the company open RMB settlement accounts and FX accounts in local ICBC outlets.

SWIFT Connection
The company sends payment instruction to ICBC in SWIFT FILEACT format, and receives statement file sent from ICBC in FILEACT format.

The company is free to choose self-defined or bank-standard file format for sending or receiving instructions.

IV. Result of Implementation
Through Bank-Enterprise partnership, the instructions are automatically processed. The company can get timely information on the accounts, manage and control the company cash around the world, and improve the efficiency of treasury operation.

Note: Information herein is for reference only. Refer to the announcements and regulations of local outlets for further details. ICBC reserves the final right of interpretation.

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