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Posts: 182

Shifu

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Q: Is online banking widely used in China, and is it safe?

12 years 10 weeks ago in  Money & Banking - China

 
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Posts: 3025

Emperor

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I would say it is in its infancy here, but I am sure it will catch on pretty soon.  At least with Bank of China it is provided, but unfortunately not exactly geared to foreigners for easy to use and understand purposes.

Below I copy what they do explain about on line banking and ecommerce, and I copy and paste from their website:

Two major service channels for service--- WEB Explorer and Bank-corporate Match.

WEB Explorer: the enterprise can visit Bank of China website (www.boc.cn) via WEB Explorer, Enterprise can enjoy various corporate finance services provided by Bank of China online banking when it logs in the online banking service.

Bank-corporate Match: after tightly-knit connection between corporate ERP financial system and Bank of China online banking system, if company financial staff masters their own ERP or internal financial system via practice, they can enjoy various corporate financial services provided by Bank of China online banking.

Functions

1. Account maintenance: Provide services such as "today's trading enquiry", "today's balance enquiry", "historical trading search", "historical balance search", "online banking in-payment enquiry", "in-payment information search" and "term deposit account enquiry", which instantly help enterprises with supervising internal capital variation and corporate cash management decision-making.

2. Transfer & Remittance: Provide services such as "transfer remittance/payment" and "targeted account payment". Enterprise can submit instruction of single or batch payment, easily realize the inner province, inter province and inter-bank payments. Enterprise can strictly lock the beneficiary's scope in transfers, control capital flow, and reduce financial risks, so as to flexibly manage capital, reduce financial cost, improve capital efficiency, and maximize financial earning for enterprises.

3. Securities and futures: services such as "third party depository","futures in\out payment" and "bank/futures transfer" provide convenient swift service channels for corporate investments and wealth management and help enterprises with fortune growth.

4. Asset custody: provide such services as transaction indication delivery, transaction information inquiry for asset custody customers and batch authorization of domestic/overseas transactions.

5. E-commerce: B2C and B2B services will help enterprises with online payment settlement, as well as such functions as order inquiry, refund and consolidation; The two payment methods of B2B direct payment (direct payment from buyer to seller) and B2B guaranteed payment (namely, the buyer makes payment to the bank, and the bank will not pay the seller until it has got the payment instruction from the buyer) will help the enterprise with realizing safe and easy online shopping.

6. Agent of collection and payment: provide the batch authorization for agency services of staff salary, reimbursement and other agent capital approved by People's Bank of China; Besides, provide enterprises with individual bill payment services, and accelerate fund withdrawal from circulation for enterprises.

7. International settlement: provide services of "cross-border remittance" and "foreign exchange settlement". Enterprise can submit single or batch payment instruction, and realize payment to Bank of China or other banks abroad conveniently. Besides, enterprise can carry out foreign currency settlement online.

8. Domestic Group Services: provide such services as "auto transfer\remittance", "active allocation", "unified outward payment", "internal management" and "virtual cash pool", realize automatic collection and flexible allotment of group internal fund, provides facility for the calculation of subsidiary company's capital contribution, and meet the demand of centralized management for corporate finance.

9. Cross-border Group Services: provide services of account inquiry, transfer remittance/payment and internal automatic transfer/remittance service to international group customers with accounts opened in Bank of China domestic branch and overseas branch, as well as with the demand of centralized financial management.

10. Value-add service: provides download functions such as "Bank of China organization code", "People's Bank CNAPS code" and "Batch tools", for convenient operation of corporate online banking; meanwhile, provides services such as "welcome to set the information", "password change", "beneficiary administration" and "inquiry for corporate information", which can customize service according to the actual requirement of enterprises.

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