Industrial and Commercial Bank of China (ICBC) has launched an electronic commercial draft service, under its corporate internet banking among domestic banks. The service enables the corporate customers to use the service for all the purposes related to electronic bills. The Electronic Commercial Draft System (ECDS) is being run by People’s Bank.
ICBC said that the new service of electronic commercial draft enables electronic steps of processing a bill all the way from drawing, acceptance, cash-through endorsement, collection and credited into account. All the related funds are cleared in real-time and as well as the information is available for enquiry.
The service is expected to boost the processing efficiency of bills by substantial margin. Meanwhile, ICBC’s service of electronic commercial draft adopts electronic signature and security authentication mechanism to ensure the exclusivity, integrity and security in the process.
According to the ICBC spokesperson from the department concerned, the electronic commercial draft system that ICBC developed and built is based on the overall requirements from People’s Bank. The system which is connected to People’s Bank system via interface is to offer advanced, convenient, safe and highly-efficient services to all customers.
In the next step, ICBC will continue to accelerate its pace in new product innovation in order to deliver even premium services to all corporate customers to use electronic bills.
