Name
Centralized payment for entity customer
Introduction
It is a kind of account settlement that entity (enterprise & institution) customers present the Bank of China the payment application and entrust the bank is authorized to remit the payments (sum of money) to many payees in a lump sum.
Features
1. Perform multiple payment operations with only one payment instruction, relieving customers from filling out a large number of bills;
2. Simplify business processes and save time for processing;
3. The business remains valid during the service period and is automatically renewable.
Scope of Application
It is applicable to batch payment of various funds transacted by entity customers at the domestic account opening bank.
Scope of Business
Intra-city transfer payment
Domestic inter-city remittance
Issue of bank drafts
Application Qualifications
Customers shall sign the service agreement with Bank of China.
Process
1. Customers present the account opening bank business documents authorizing centralized payment and settlement and the detailed list;
2. The opening bank remits the payment to payees.
Kind Reminder
For this kind of account settlement, the detailed list presented by the customer shall be in line with the business documents.
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