OREANDA-NEWS. February 25, 2011. Financial persons in many companies often face a problem when remittance for payment of goods has been informed by the distributors or subsidiaries. Since they open accounts in different banks, there can be loss of information (remittance's payment account number, paying company) after the interbank processing, reported the press-centre of ICBC.

Financial persons have to check each payment one by one or even call the distributors or subsidiaries to confirm who has already made the payment. "Our company has many fund transfers between companies or customers. Transactions are frequent. The workload is heavy if we check every time", a helpless situation mentioned by a financial manager of a telecom operator's branch in Chongqing. In light of this, ICBC recently launched the "Butler Service for Cash Receipts" nationwide, a service warmly welcomed by the corporate clients.

As related, ICBC is the first among the peers to launch "Butler Service for Cash Receipts", a settlement service for customers to get an accurate picture on the payments made by counterparty, flow of funds between the subsidiaries, and cash pooling from the distributors. The service suits very well for customers who need to collect payments frequently and identify accurately who are the payers. A customer only needs to sign up the "Butler Service for Cash Receipts" for a specified settlement account. ICBC then opens for the customer a few receiving card No. in batch. Customer can establish the one-to-one relation between these card numbers and the distributors/subsidiaries as required. Each receiving card has the name being set as the designated payer name and the card No. is given to the payer with the name matched with the card. In the case of sending remittance to the customer, the payer just directly deposits into the designated receiving card number. Amount will be credited in real-time into customer's settlement account with the butler service for cash receipts signing up. ICBC provides detail list of cash receipts for the customer to identify the source of funds. The list can be summarized by card No. for customer to take sales statistics on the distributors or subsidiaries.

The 1000+ outlets of the above telecom operator's Chongqing branch sign up the "butler service for cash receipts". Since then, whenever there are cash receipts, the company knows exactly the payer details, which outlet making the payment. The service addresses the previous issue that it is difficult to check which distributor/subsidiary remitting the money from other banks. It offers great convenience for the company to manage the fund transfers and relieves the workload of the financial person to check each remittance.

"Butler Service for Cash Receipts" is also very flexible, said an executive with ICBC. Customers can get a full picture on the income in real-time by checking the detail list via Internet Banking or at the counter, or adjust the information of payer matched with each card number anytime at the counter or online via Internet Banking, very convenient. According to ICBC, while the service is available for more and more companies to save manpower, ICBC will continue the innovation effort to meet the customer demand in order to provide more and better products and services.