Industrial Bank participated in the first pilot of the national cross-border business

  • According to the reporter of Financial Times, the pilot work of the national cross-border business service platform (hereinafter referred to as “cross-border business platform”) was officially launched on March 22, and Industrial Bank (601166) was the first pilot bank of the platform. On the same day, it successfully landed the financing business of the export of accounts receivable through the platform.

    It is reported that the pilot work of the cross-border business platform is initiated by the State Administration of Foreign Exchange. Local foreign exchange management bureaus and banks participate together to apply technology to explore a financial innovation for cross-border financing difficulties and financing problems for . The platform provides enterprise financing application, bank financing acceptance, financing audit and loan registration full-process services. It closely aligned with the bank’s existing business processes, and realizes online verification of the authenticity, available quota and use status of customs declarations, greatly improving the accuracy of the bank trade background authenticity audit and the efficiency of financing business processing.
    In recent years, Industrial Bank has firmly adhered to the strategy of “developing the bank with science and technology”, actively embraced new technologies such as , big data and artificial intelligence, accelerated digital transformation, promoted the construction of safe banks, process banks, open banks and smart banks, and continued to enhance customer service level. The launch of the cross-border business platform is another confirmation of “Scientific and technological empowerment, leading business development”, which not only brings good news to the vast number of enterprises, but also greatly enhances the convenience level of cross-border financing, and further enhances the level of bank serving the real economy.

    Cross-border settlement is an inevitable problem when facing economic globalization. Many multinational companies are committed to taking a share in this market. Traditional payment methods are limited by various conditions, which cannot fundamentally reduce trading time, reduce transaction costs and increase the safety factor, it also provides a living space for technology-led startups to solve these problems by studying new implementation paths.
    The nature of technology determines its huge advantage in achieving cross-border settlement.

    Each computer host is a node, and they are equal, each node in the system can interact directly, without the concept of a central node. At the same time, the transaction information of any two nodes is encrypted to the whole network. All nodes are recorded in the encrypted block storage mode and recorded in time series, thus forming a brand new decentralization mode. Therefore, the transfer process of information flow from A transfer money to B is the process of transfer and settlement from A to B, and A and B prove their identity through their respective digital signatures, and do not need third-party trust endorsement to directly realize peer-to-peer electronic cash payment.

    The based transfer payment system is characterized by high efficiency, high security, high availability, and high . Using technology and using distributed accounting, each user can use the password to query the transaction status, and the funds are cleared in real time, which not only reduces transaction costs and risks, but also greatly improves the transaction efficiency.

    uses technology to solve the necessity and feasibility of cross-border payment, and expects to subvert the entire settlement payment system in the future and becoming the leader in the settlement industry. The network is a value network created based on the distributed ledger technology of . It is an open payment network that enables real-time transactions and settlement of multiple currencies on a global scale through distributed financial technology.

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