ICBC Reports Jump of 75% in Number of Global Cash Management Customers
OREANDA-NEWS. December 22, 2011. Since January this year, ICBC continues to focus on the upgrade and innovation of cash management services in response to the increasing demands in global cash management from customers at home and abroad. As of today, ICBC's global cash management services have been extended to 40+ countries/regions. Nearly 2,000 companies in
The global cash management is a range of integrated services involving administration of global accounts, collection and disbursement, liquidity management, as well as information, investment, financing. ICBC's domestic and overseas subsidiaries and partner banks use ICBC's funds settlement network across the globe to support customers' cash management across borders. Amid economic globalization fanfare, more and more companies start to pay attention on the control of company funds in the Group, and the liquidity management and risk management globally. This creates a good opportunity for commercial banks to expand their global cash management services.
For a long time the global cash management business was monopolized by large multinational banks as it posed high demand for commercial banks in offering cash management service across different markets in different countries. Chinese enterprises urgently need global cash management service outside
Today, ICBC has built a service network inside and outside
While the physical network of branches and correspondent banks is gradually in place, the IT platform of ICBC spanning across the borders provides assurance for the improvement on cash management service. Through continuous optimization on the independently developed global cash management system, ICBC has set up a unified multi-branch, multi-currency, multi-lingual system architecture and electronic banking service channel to support all the domestic and overseas branches across different time zones. Besides, through this new global cash management system for direct connectivity with the foreign banks' host machines or SWIFTnet, ICBC is building a comprehensive service network for customers. For example, the "inter-connected systems, link-up operations" China-Africa cash management platform jointly set up by ICBC and Standard Bank is aimed at increasing ICBC's capability in providing cash management service across the globe through direct connectivity between
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