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I. Advantages of ICBC Settlement Service
ICBC has always taken the leading position in the banking settlement market:
1. The Bank’s share in RMB settlement market has steadily ranked the first among peers. Its RMB settlement value amounted to RMB 2,263.95 trillion during the year of 2015;
2. By the end of 2015, on the basis of persistently enhancing account quality, the number of the Bank’s corporate settlement account has reached 6.39 million;
3. Its share in the international settlement market exceeds 30%;
4. Its share in the securities and futures fund clearing market exceeds 60%;
5. Its share in the RMB payment settlement agency market exceeds 90%. At present, ICBC, as an agent, has carried out payment settlement service for more than 10,000 financial institutions of all sorts including two policy banks, 12 joint-stock commercial banks, Clearing Center for City Commercial Banks, foreign banks, urban and rural credit cooperatives etc.
6. By the end of 2015, ICBC has provided 1.27 million corporate customers with cash management service, with influence of the “ICBC Cash Management” brand continuously rising.
II. Features of ICBC Settlement Business
Backed by developed banking settlement network and advanced technology platform, the Bank's settlement business shows the following characteristics:
i. Diversified settlement products with high efficiency
Apart from offering traditional settlement tools including check, draft, and promissory note, the Bank has constantly launched innovative settlement products and sped up settlement to assist customers in enhancing financial management and working efficiency. For example:
1.1. Electronic Remittance
By virtue of its real-time clearing system, the Bank provides customers with secure, convenient, and rapid electronic remittance service. Remittance between any outlets within ICBC system can reach the account in real time.
1.2. Internet Banking
The Bank’s developed electronic payment system can help customers complete various payments at home. Customers can choose different payment methods based on their demands from the options including e-payment, payment in batches, payment by appointment, and enterprise financial office. The electronic payment system has powerful functions and is secure and convenient.
1.3.SWIFT-PCC System
The ICBC is an official member of the Society for Worldwide Interbank Financial Telecommunication (SWIFT). It has realized a three-tier networking of the SWIFT-PCC in Head Office, branches and sub-branches which can guarantee secure and timely receipt and payment of foreign exchanges.
ii. Strong innovation capability in settlement
ICBC has a product design team with top-notch business proficiency, and strong technologies and is always ready to meet market demands. It has set up huge software development centers in Zhuhai, Guangzhou, Shanghai and Beijing, with more than a thousand of software developers of different fields, showing strong R&D strength. The Bank has always been at the forefront of electronic construction and its business handling systems are able to reach the internationally advanced level. For example:
2.1. NOVA
The NOVA business platform is uniform and its customer service has unique features with efficient and strict internal management. It offers scientific and timely support for decision makings and also provides all-round support for the Bank’s various businesses.
2.2. Data center concentration model
The whole bank’s data is stored in two big data centers in south and north China and the two centers can back up each other. The bank has realized the information sharing, and standard and normalized business operations.
2.3. Real-time clearing system
The real-time clearing system integrates remittance and transfer, settlement and clearing and unites the Bank’s outlets nationwide as a whole to realize fund remittance and real-time transfer.
By virtue of its concept of constant innovation, and strong technological strength, the Bank has, on the basis of taking the leading position in traditional banking business, put more efforts into understanding the constantly changeable market and customer demands, regularly optimized existing products, and continuously launched new products.
iii. High-quality and reliable settlement service
By virtue of advantages in the following three aspects, the ICBC can provide enterprises with reliable and high-quality settlement service:
3.1. Abundant capital
At the end of 2011, the ICBC saw its assets totaling RMB15,476.868 billion with deposits of RMB and foreign currencies reaching RMB12.36 trillion, showing that the Bank has sufficient provisions to ensure payment to depositors of RMB and foreign currencies in full amount and meet financing demands of customers.
3.2. Strict internal control
ICBC implements the management system of “tier-1 legal person, operation by hierarchical authorization”. It has always adhered to the principle of “safety coming first” in the process of designing, developing and running the business handling system. The whole system has set up multiple firewalls by means of dual backup. The Bank has also formulated rigorous emergency measures. The Bank has strict rules and regulations and standard operational methods for capital accounting. In terms of transfer of funds, local branches open provision deposit accounts in the Head Office and their superior banks. The provision accounts can be updated in real time for funds remittance and transfer. When the fund shortage occurs, local branches can borrow funds from the Head Office. Therefore, the situation of payment delay can be avoided.
3.3. Good social reputation
Adhering to the “customer-centered” service principle, the ICB is committed to constantly enhancing service quality and putting customers’ demands as the premise for its own development. Therefore, it owns a large number of high-quality customers and is a bank with the largest industrial and commercial corporate accounts.
The following shows some international awards won by the Bank:
In 2014:
The 1st place among the Global 2000 by Forbes
The 1st place among the Top 1000 World Banks by The Banker
The 25th place among the Fortune Global 500, the 1st place on the sub-list of commercial banks by Fortune
“Best Domestic Bank in China” by Asiamoney
“Best Bank in China” by FinanceAsia
“Best Bank in Cash Management (China)” by The Asset
“Best Cash Management Bank in China” by The Asian Banker
“Best Corporate/Institutional Internet Bank in China” by Global Finance
In 2013:
“Best Bank in Cash Management (China)” by The Asset
“Best Cash Management Bank in China” and “Best Counterparty Bank in China” by The Asian Banker
“Best Cash Management Brand Award” and “Best Corporate Wealth Management Award” by CFO World
“Best Cash Management Bank” from Treasury China
“Best Cash Management Bank” from JRJ.com
In 2012:
“Best Treasury and Cash Management Bank in China” from Global Finance
“Best Large Corporate/MNC Treasury & Working Capital Bank (China)” from The Asset
“Best Asian International Transaction Bank”, “Leading Counterparty Bank in Asia Pacific”, “Best Cash Management Bank in China” and “Best Counterparty Bank in China” from The Asian Banker
“Best Cash Management House in China” from Corporate Treasurer
“Best Cash Management Brand Award” from CFO World
“Best Cash Management Service Bank” from China Business News
“China CFO ‘Preferred Bank’ in 2012” from Finance
“Best Cash Management Bank” from Treasury China
Note: Information on the page is for reference only. Please refer to announcements and regulations of local outlets for specific business.
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