|
● Direct Finance Payment
● Finance Authorized Payment
● Non-tax Revenue Collection
Direct Finance Payment
I. Definition
In Direct Payment, financial department (central, regional) issues payment instruction to the People's Bank of China or banks in charge of direct payment on behalf of the Ministry of Finance, according to payment request from budgetary unit. As per payment instruction, the bank makes the payment through Ministry of Finance's zero-balance A/C directly to the goods/services provider or payee's account.
II. Target Clients
The service mainly serves the financial departments at all levels included in the treasury centralized payment reform. Payments can be for payroll, large purchase, service procurement, large renovation, large-and-medium construction projects.
III. Features and Advantages
(1) Large business network
ICBC not only has a large outlet network, but also possesses the largest customer base in the domestic banking sector. ICBC has the highest percentage of efficient internal fund transfers and lowest percentage of interbank payments.
(2) Cutting-edge payment system
All payment transactions are centralized in one data center for processing. The payment amounts are linked to accounting entries, which effectively prevents malpractices by internal and external staff taking advantage of time lag between payment and accounting entries. ICBC's industry-leading "Bank-Finance Link" system processes payment flow and information flow at the same time. All transactions are encrypted before transmission with less manual intervention and less steps. Clearing of payments is highly computerized. It also enhances standardized information transmission and reporting system computerization. ICBC system provides strong technical support to the service.
(3) Diversified information feedback platform
In response to the special requirement of feedback, the details on centralized payment, fund settlement, accounting, information transmission and report generation are processed automatically. Real-time enquiry, data collection and sorting, summary and analysis ensure timely, accurate, and secure feedback to the financial departments and budgetary units at all levels. Further, ICBC takes full advantage of its IT and online services to provide round-the-clock real-time e-enquiry services through dedicated lines, as well as well-functioned, convenient, fast, safe and reliable e-inquiry service. There is no need for customers to go to ICBC outlets to check during banking hours.
IV. Service Channel
"Bank-Finance Link" system
V. Application Conditions
The financial departments at all levels that are included in the Treasury centralized payment reform are welcomed to sign up direct payment service.
VI. Steps
1. As instructed by financial departments (central, regional), ICBC opens zero-balance account for direct payment and clearing of Treasury account.
2. Financial departments (central, regional) issue Direct Payment Voucher to ICBC or send electronic instruction to ICBC through dedicated line.
3. ICBC transfers the fund to the payee or budgetary unit's accounts through "Bank-Finance Link" system in real-time.
4. ICBC sends back the payment voucher/receipt to financial departments (central, regional), uploads e-receipt to the financial departments (central, regional) through dedicated line, and sends the Direct Payment Credit Advice to the budgetary units. ICBC sends reports (every 10 days, monthly) to financial departments (central, regional) on direct payments and provides services to dynamically monitor the payments.
Finance Authorized Payment
I. Definition
In Authorized Payment, budgetary units issue payment instruction to banks as authorized by the financial departments (central, regional). As per payment instruction, the bank makes the payment through Ministry of Finance's single account system directly to the goods/services provider or payee's account.
II. Target Clients
The service mainly targets at the budgetary units at all levels included in the Treasury centralized payment reform. Payments can be for small expense, especially urgent expense or other expense approved by the Ministry of Finance.
III. Features and Advantage
1. Automatic distribution of credit line
"Bank-Finance Link" system automatically receives the authorized payment limit transmitted from financial departments to ICBC through dedicated line or other methods. The system automatically sends the authorized payment limit to the intermediary service platform of each tier-1 (direct) branches and automatically prints credit advice for the budgetary units.
2. Automatic control of credit line
"Bank-Finance Link" system manages the authorized payment limits for all tier-1 budgetary units and automatically renews the limit after new credit line is granted or existing one has been ran out. For over-the-limit payment, "Bank-Finance Link" system automatically stops payment and informs the budgetary unit. The limit is automatically restored when funds are returned to the Treasury.
3. Automatic retrieval
The teller only needs to enter receiving account number and other necessary data to get the budgetary unit's name, account code, and others. Thereby minimum input is required.
4. Dynamic monitoring service
ICBC system retrieves payment details from the database in real-time, calls background procedures once in every minute, generates monitoring file in real-time and saves the file under the designated folder for real-time monitoring by financial departments.
5. Automatic generation of payment details
The "Bank-Finance Link" system automatically generates e-receipts and reports that are sent to the financial departments through dedicated line or other means. Statement details and monthly statement are automatically printed for the budgetary unit.
IV. Service Channel
"Bank-Finance Link" system
V. Application Conditions
The budgetary units at all levels included in the Treasury centralized payment reform, can use approval document issued by the financial departments to open zero-balance account, and relevant documentation stipulated in Administrative Measures on Bank Account to sign up authorized payment service.
VI. Steps
1. ICBC opens zero-balance account for the budgetary unit.
2. The financial department (central, regional) transmits the Authorized Payment Limit Advice through dedicated line or other means to ICBC's "Bank-Finance Link" system.
3. "Bank-Finance Link" system automatically breaks down the authorized payment limit. ICBC handling outlets will check and print Authorized Payment Limit Credit Advice, and send the Advice to the low-level budgetary units.
4. ICBC handling outlet initiates authorized payment through "Bank-Finance Link" system after budgetary unit submits payment request. For over-the-limit payments, ICBC system automatically stops payment and sends details to the budgetary unit. For payment within the limit, ICBC system transfers the amount to the payee's account in real-time
5. "Bank-Finance Link" system automatically generates e-receipts for authorized payments and daily, 10-day and monthly reports to Ministry of Finance, the People's Bank of China and budgetary units. Monthly statement sheet and detailed statement are automatically generated and sent to the budgetary units through ICBC handling outlets.
Non-Tax Revenue Collection
I. Definition
This is a service where ICBC opens a special account to collect and clear non-tax revenue, on behalf of financial departments (central, regional), State authorities, government departments and non-government organizations.
II. Target Clients
The service is to manage non-tax collection for State authorities, government departments and non-government organizations at all levels including: collection of administrative fee, government fund, penalty fee, lottery fund and issuance fee, income from the use of state-owned assets (resource), income from running state-owned assets, income/transfer/endowment, interest income and other income.
III. Features and Advantages
1. Large business network
ICBC has a large outlet network across the country, providing services to State authorities, government departments and non-government organizations at all levels and collecting non-tax revenue from payers located in different parts of China. The service is available at all ICBC outlets.
2. Advanced business system
All collections are centralized in one data center for processing. The amounts collected are linked to accounting entries, which effectively stops malpractices by internal and external staff taking advantage of time lag between collection and accounting entries. ICBC's industry-leading "Bank-Finance Link" system processes collection flow and information flow at the same time. All transactions are encrypted before transmission. Clearing of collections is highly computerized. It also enhances standardized information transmission and reporting system computerization. ICBC takes a lead in the delivery of non-tax revenue collection service.
3. Diversified information feedback platform
In response to the special requirement to feedback the details on non-tax revenue collection, fund settlement, accounting, information transmission and report generation are processed automatically. Real-time enquiry, data collection and sorting, summary and analysis ensure timely, accurate, and secure feedback to the financial departments (central, regional), supervisory departments and tax-collection departments. Further, ICBC takes full advantage of its IT and online services to provide round-the-clock real-time enquiry services through dedicated lines, as well as well-functioned, convenient, fast, safe and reliable e-inquiry service.
4. Fast business processing
ICBC adopts industry-leading revolutionary technology to streamline business processes and reduce accounting procedures to achieve horizontal management, thus reducing steps to go through during system search and access, and increasing the speed of processing. The teller only needs to enter amount, A/C No. to retrieve the data from the system which will process the data automatically. Data input is reduced to the minimum.
5. Diversified fee payment platform
ICBC leverages online services to enable customers pay fees through Internet Banking. Staff of the supervisory departments, tax-collection departments and payers just need to pay fees and check details, at home or in the office. The payer may also checks fee payment anytime through Telephone Banking or cellphone SMS.
IV. Service Channel
"Bank-Finance Link" system
V. Application Conditions
The financial departments (central, regional), supervision departments and tax-collection departments can use approval document and documentation stipulated in Administrative Measures on Bank Account to sign up non-tax revenue collection service.
VI. Steps
1. Open Account
ICBC sets up special account for the financial departments (central, regional) as per related notice and regulations. ICBC opens special account at ICBC branch for tax-collection departments accordingly
2. Payment
Payers or tax-collection departments make payment at ICBC outlets with General Non-Tax Revenue Payment Advice ("Payment Advice"). ICBC outlets that offer the service include A/C opening branch for fiscal account, fiscal payment account and co-administrating branch (all outlets other than A/C opening branch for fiscal payment).
3. Fund Transfer
ICBC outlets double-check the Payment Advice, enter details into "Bank-Finance Link" system. The system automatically verifies the check code and transfers the non-tax revenue to the fiscal account or fiscal payment account through real-time clearing system. The system transmits the key information in the Payment Advice to the A/C opening branches in real-time through "Bank-Finance Link" system.
4. Cash Clearing
At the end of each working day, A/C opening branches will clear the amount deposited in the fiscal payment account to fiscal account through real-time clearing system. The system transmits the non-tax revenue collection information to the A/C opening branches for fiscal account through "Bank-Finance Link" system. Balance in the fiscal payment account is cleared to zero after clearing.
5. Transfer to Treasury or Fund Allocation
ICBC A/C opening branches for fiscal account transfer the amount in the account to the Treasury account or allocate fund as per the instructions of financial departments (central, regional).
6. Information Feedback
(1) Electronic information
At the end of each day, ICBC "Bank-Finance Link" system summarizes the details on non-tax revenue collection and sends them to the financial departments in specified format through dedicated data transmission line or other methods. On the next day, ICBC "Bank-Finance Link" system sends Non-Tax Revenue Reconciliation Statement to the financial departments (central, regional). The "Bank-Finance Link" system's dynamic monitoring sub-system can also provide real-time monitoring and control service on all non-tax revenue collection accounts. Financial departments (central, regional) check details (total amount, number of payments) by department, account, period, and other criteria. Meanwhile, ICBC Internet Banking system provides feedback to the supervisory departments on the non-tax revenue collection of the department and its subordinate units, and provides feedback to the tax-collection departments on information of fiscal payment account.
(2) Feedback on Statement
"Bank-Finance Link" system automatically generates all kinds of income reports and accounting statements. ICBC A/C opening branches for fiscal account will double-check the data each day and send statements on the collection, payment, daily reconciliation to the financial departments (central, regional) on the next day. By the next day following the close of the month, the branches will reconcile the amount in fiscal account with the financial departments (central, regional). ICBC A/C opening branches print ICBC Ten-Day (Monthly) Statement of Non-Tax Revenue Collection in stipulated format to the financial departments (central, regional), supervisory department and tax-collection departments within 2 days after each ten-day period of the month and within 4 days after each month, and then reconcile accounts with the financial departments (central, regional), supervisory department and tax-collection departments within 4 days after each month.
7. Revenue Refund
As per instruction from the financial departments, ICBC A/C opening branches for fiscal account enter details for revenue refund into "Bank-Finance Link" system and process the refund through the fiscal account. Amount will be transferred into the opening bank of the payer's account. Details will be sent back to the financial departments (central, regional) through "Bank-Finance Link" system. The revenue refund is generally completed through account transfer, no cash will be refunded. For refund in cash, ICBC processes the refund strictly as per relevant regulations by the financial departments (central, regional).
|
