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Authorized Supervision of Transaction Funds


 

Name

Authorized supervision of transaction funds

Introduction

Authorized supervision of transaction funds means that Bank of China works as the payment intermediary between the payer and the payee, supervising transaction funds according to the entrustment of both parties. On condition that the documents or related certificates provided by the payer, or the payment vouchers provided by one party meet the tripartite agreement, the bank pays the supervised funds according to the agreement so as to protect the rights and interests of both parties and also promote the accomplishment of transaction.

Features

1. Bank of China works as a link and sets up a credit channel between the two parties of transaction;

2. According to the entrustment of both parties, Bank of China supervises the transaction funds to protect the interests of both parties;

3. Bank of China assists both parties in the promotion of the transaction accomplishment.

Scope of Application

It is applicable to the entity customers for fund settlement when handling the businesses of domestic trade, labor cooperation, technology service, land or stock ownership transfer in China.

Application Qualifications

Customers should sign the service agreement with Bank of China.

Process

1. The opening bank opens the agency supervising account for the payer, and transfers the supervised funds to it from the payer's settlement account.

2. The opening bank checks the submitted vouchers or documents and arranges payment or returns the supervised funds according to the agreement.

Payers submit the payment vouchers, and the opening bank pays the supervised funds to payees directly.

After the businesses of delivery of goods, transfer of land, real estate or stock ownership, supply of labor, inspection and acceptance of project have been finished; the opening bank will check and verify the documents or certificates submitted by the payee. If these documents meet the requirement of the tripartite agreement, then the opening bank will pay funds from the account.

The payer or the payee submits the payment vouchers, and the opening bank pays the commission to the intermediary from the supervised funds.

The payer or the payee submits the payment vouchers, and the opening bank handles the return of the supervised funds.

Kind Reminder

This product bases itself on the business contract between the payer and the payee.

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