OREANDA-NEWS. October 02, 2014. ICBC has fully upgraded its cellphone number-based remittance service by rolling out the function of remittance to any mobile phone number. With this service, clients only need to enter the name and mobile phone number of the payee to complete fund transfers and remittances, without having to offer the bank card No., information of the account opening bank or other data about the payee.

This will save clients from the trouble of remembering bank card numbers and other remittance information, and further enhance customer experience.

Under the traditional remittance business model, the remitter needs to know the name and specific account information of the payee. But as an account number usually contains many digits, clients are prone to making mistakes in remembering or entering account numbers, which has caused a lot of trouble. To address this problem, ICBC creatively launched mobile phone number-based remittance service in 2008, so that funds could be automatically transferred to the account of the payee when the remitter entered the mobile phone number and name of the payee only, on the condition that the payee linked his/her ICBC bank account with his/her mobile phone number.

Nevertheless, the upgraded remittance service to any mobile phone number launched by the Bank recently makes possible convenient remittances without bundling of mobile phone numbers with personal accounts. As long as the payee provides his/her name and mobile phone number, the remitter can transfer funds to him/her via the mobile phone number-based remittance function of ICBC's internet banking or mobile banking service. Then the payee will receive a collection SMS notification sent by ICBC's system, and revert his/her beneficiary account number in the required format to 95588 to collect the remittance. In addition, clients can also make interbank remittances with the Bank's mobile phone number-based remittance function, by entering the mobile phone number and name of the payee only, which has made the service more user-friendly, customized and convenient.