On the morning of November 18, the Signing Ceremony & Press Conference on Guarantee services for online payment of duties and charges with the General Administration of Customs and Commercial Banks was held in the Head Office Building of Bank of China. In the conference, the General Administration of Customs signed agreements with Bank of China and two other banks. The introduction of guarantee services for online payment of duties and charges would facilitate the customs clearance for import and export enterprises by getting goods released before collecting duties and charges via on-line banking platform. Bank of China was the first bank that had signed this cooperative agreement with the General Administration of Customs.
Bank of China, who operates in compliance with laws and regulations always engaged herself in the innovation of financial products and services. To support the Customs driven “online payment guarantee services”, Bank of China developed convenient and efficient valued-added duty payment service for key export and import enterprises. The value-added service, which is based on the E-Customs Clearance product and other traditional credit product such as Tariff L/G and Legal Person Account Overdraft was now available nationwide.
Relevant personnel of Bank of China said in the conference that the Bank had been well-prepared on the establishment of regulations, internal control and marketing program , etc., and the signing of the Agreement officially marks the beginning of the bank’s providing services to key customs-clearing enterprises. The development of the product “E-Customs Clearance - Tariff L/G / Legal Person Account Overdraft” met the demands of key customs-clearing enterprises for convenient and real-time customs clearance. It promoted the development of online payment for duties and charges, and enhanced the competitiveness of conventional credit products of the Bank. What is more, a win-win situation among customs, enterprises and banks was realized, which help strengthen the overall cooperative relationship among Bank of China , customs and customs-clearing enterprises.
In 1999, in cooperation with Bank of China, the General Administration of Customs together with 12 ministries of the State promoted the Golden Customs Project of building E-port System. As the only banking partner of the project, Bank of China took the lead in launching the product of E-Customs Clearance for online payment of duties and charges Due to the sound cooperation with the General Administration of Customs and local customs, up to now, 30 provincial branches and branches in direct affiliation with Bank of China had started to provide E-Customs Clearance product for 34 customs among 42 customs subordinated to the General Administration of Customs and relevant custom-clearing enterprises. The amount of online payment for duties and charges from January to October of this year had reached RMB14 billion, taking up 33% of the market.
As a commercial bank with the longest history and great capital strengths, Bank of China, who carries out the strategy of prudent operation and provides professional services for over a century, had devoted herself to market-oriented innovation and thus had achieved quite a number of “first’s” in banking industry of China. Based on an in-depth understanding of the enterprises’ demand for efficient financial management and the experiences of global cash management accumulated in cooperation with a number of top enterprise, Bank of China had been engaged herself in recent years in building a secure and stable cash management platform, which covered all of domestic branches and 18 overseas branches. The bank had developed a series of cash management products like E-Customs Clearance, which received positive responses from the clients and the banking sector. In 2004 and 2005, Bank of China was recognized continuously as the Best Cash Management Bank of China by Asia Money.
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