● Electronic Remittance
● Check
● Cashier's Check
● Bake Draft
● Wage Payment
● Collective Payment
● Others

Electronic Remittance
I. Definition
Electronic remittance is a settlement method that the remitter authorizes a bank to pay funds to the beneficiary by electronic means.

II. Description
By virtue of its real-time clearing system, the ICBC provides customers with secure, convenient, and rapid electronic remittance service. As for remittance between the Bank’s any outlets, urgent business can assure funds wiring into beneficiary's account in real time, while the batch business can achieve real-time entry within 24 hours.

Check
I. Definition
A Check is a document that orders a bank or other financial institution commissioned to handle check business to unconditionally pay a specific amount of money to the payee or bearer on the date of receiving the check.

II. Description
Check can be used for cash withdrawal or transfer. When the check is used for transfer, the drawer has to note it on the front of the check. The cash check can be used only for withdrawal, while transfer check can be used only for transfer instead of cash withdrawal.

III. Requirements
When opening a check deposit account, the applicant must use the autonym and submit lawful documents proving his or her identity.
Reserved seal. Drawer can not issue a check not matching his or her reserved signature or seal.

IV. Features and Advantages
A unit or individual in the same bill exchange area for settlements can use the check. The payer can pay the funds to the beneficiary via the check.

Cashier's Check
I. Definition
Cashier's Check is a note issued by the drawer bank which promises to unconditionally pay a specific amount of money to the payee or bearer on the date of receiving the check.

II. Requirements
1. The customer opens an account at the ICBC.
2. The customer reserves the seal and fills in a letter of business authorization.

III. Features and Advantages
A unit or individual in the same bill exchange area for settlements can use the cashier's check. As the cashier's check is issued by the bank responsible for payment, its credit is relatively high.

Bank Draft
I. Definition
A Bank draft is a note issued by the drawer bank which promises to unconditionally pay according to the actual settlement amount to the payee or bearer on the date of receiving the check.

II. Requirements
The customer shall fill in a letter of business authorization at the Bank’s outlet before the Bank signs and issues the draft.

III. Features and Advantages
The Bank’s credit and outlet advantages guarantee the draft payment, enhancing the draft liquidity and ensuring smooth settlement.

Wage Payment
I. Definition
According to the payment instruction submitted by the customer, the Bank pays wages, service fees, and other funds to the customer’s employees as an agent.

II. Requirements
The enterprise opens a basic account at the ICBC and signs a wage payment agreement with the Bank. Meanwhile, employees of the firm open personal settlement accounts or ICBC cards. The firm with the Internet banking can send the wage payment instruction to the Bank via the Internet banking, while other customers can send wage payment instructions to the deposit banks via checks and magnetic disks.

III. Features and Advantages
1. Wide coverage. It can issue wages to employees nationwide for the entrusting firms;
2. Rapid account arrival. The wage can reach employees’ accounts in real time;
3. Simple procedures. It can reduce workload of financial staff;
4. Electronic payroll. The ICBC can offer the function of electronic payrolls. The employee of an enterprise opening the function can inquire his or her payroll via personal Internet banking.

Collective Payment
I. Definition
Collective payment refers to the business that customer submits multiple payment instructions in a time via the Bank’s counter and e-banking channels so that the Bank can provide customer with multi-bank, multi-currency, and multi-channel payment at home and abroad.

II. Requirements
When a customer applies for the collective collection business, the beneficiary must open an account at the ICBC, sign a collective payment product agreement with the Bank, and fill in the application form.

III. Features and Advantages
1. It helps customer realize centralized management of payment business. After gathering payment instructions between a customer’s all accounts and other accounts, the customer can submit the instructions to the Bank so as to enhance business handling efficiency.
2. It supports multiple payment business. Collective payment can realize multi-bank, multi-currency, and multi-channel payment on a global scale with more diversified payment varieties in order to meet customer’s demands.
3. It supports timely information feedback. After the Bank’s system automatically receives and processes collective payment instruction, results can be reported back from multiple channels so that the customer can timely inquire results of the payment business.

Others
For information of other payment settlement products such as batch payment, banker's acceptance bill, trade acceptance, and foreign exchange remittance, etc, or if you have demands for payment settlement service, please contact local ICBC, or dial 95588.

Note: The above information is provided only for your reference. Specific details are subject to announcements and regulations of local outlets.