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August 6, 2009

ICBC Introduces Electronic Bank Deposit Account Business

The service is available for enterprises in Beijing, Shandong, Anhui and Guangdong

By CBR Staff Writer

Industrial and Commercial Bank of China (ICBC) has launched an electronic bank deposit account business for enterprises in Beijing, Shandong, Anhui and Guangdong. It has been reported that ICBC has recently signed the cooperation agreement of this business with the General Administration of Customs, and became the designated pilot bank.

Reportedly, the pilot electronic network management mode of the bank deposit business for processing trade refers to the paperless process that the customs has introduced in order to facilitate the handling of the deposit business for enterprises of processing trade, without altering the original management system of the bank deposit business for processing trade.

Through the systematic linking and the electronic data interchange between the customs and the bank, this business is expected to reduce the transmission of paper documents and manual operations in the previous deposit mode to simplify the procedures of the business for enterprises, and thus saves the handling cost of enterprises and increases the management efficiency of deposit accounts.

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