The Shanghai Branch of the Industrial and Commercial Bank of China successfully launched the first batch of pilot businesses for the facilitation of domestic freight foreign exchange payments within the scenario of foreign exchange payment convenience for domestic freight.

（Source: The Paper—Shanghai）

Recently, under the guidance and support of the Shanghai Branch of the State Administration of Foreign Exchange, Industrial and Commercial Bank of China (ICBC) Shanghai Branch leveraged the Cross-border Financial Services platform to be the first to help enterprises complete the application for the “facilitation of foreign exchange payments for domestic freight” scenario. On the day it went live, it handled domestic freight foreign exchange payment business for 2 freight forwarding companies. By verifying the authenticity of invoices and their usage status in real time through the platform, it greatly improved settlement efficiency, and the speed of enterprise funds turnover increased noticeably.

For a long time, domestic freight foreign exchange payment business has faced issues such as difficulty in invoice verification and a high risk of duplicate payments. When enterprises process the relevant foreign exchange remittances, they often need to prepare materials such as VAT invoices 1 to 2 business days in advance, making the overall process time-consuming. In the bank’s review stage as well, it lacks efficient and unified verification tools, making it difficult to monitor the authenticity and usage status of invoices in real time.

To effectively address the above issues, the State Administration of Foreign Exchange added an application scenario for domestic invoice verification to the Cross-border Financial Services platform. Through linkage with the National Taxation system, it enables automatic verification of the authenticity of domestic VAT special invoices and ordinary invoices, as well as precise checks on whether invoices are used more than once. The ICBC Shanghai Branch actively responded. Under the guidance of the Shanghai Branch of the State Administration of Foreign Exchange, it completed preliminary preparations in advance, such as system integration and user permission configuration. After the scenario went live, it promptly handled domestic freight foreign exchange payment business for 2 freight forwarding companies. The entire process took less than 10 minutes to complete the verification and remittance payment operations. Settlement efficiency was greatly improved, and the speed of funds turnover increased noticeably.

In the future, the ICBC Shanghai Branch will continue to empower financial services through technology, actively explore deeper applications of digital transformation in the cross-border area, focus on building various innovative scenario initiatives, continuously optimize service models, promote business process redesign and simplify procedures, further improve service efficiency, reduce corporate costs, and provide more convenient, efficient, and secure financial services for real-economy enterprises.

Original headline: “ICBC Shanghai Branch Successfully Implemented the First Batch of Pilot Business for the Facilitated Scenario of Domestic Freight Foreign Exchange Payments”

Column editor-in-chief: Cui Jiachen Text editor: Xu Zhuoren

Source: Author: Zhuo Ning

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