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 Position :  Home >>   Corporate Banking>> Financial Institutional Banking Services>> Agent Transfer Of Various Government-Approved Payments  
 

 

Agent Transfer Of Various Government-Approved Payments

Background

To better manage government funding, the Ministry of Finance has begun reforming state treasuries nationwide since 2001, providing a change to the mode of settlement of government funding and the account system and streamlining the traditional top-down multi-layered receipt and payment method of funding allocation by centralizing it into a treasury-based integrated account system. Through the various clearance systems nationwide, commercial banks now provide the platform for the agent collection and payment in order to raise the effectiveness of the utilization of government funding.

In November 2001, BOCOM won the bid for government-authorized agent payment services in the Ministry of Finance tender.

Description 

BOCOM acts as a government-authorized agent on behalf of the Ministry of Finance for payment services to execute payment orders within the approved limits issued by companies or non-profit institutions in the budget program, and transfer to the end receiver’s account via the zero-balance account. as well as makes clearance through the treasury-based account and budget excessive fund account.

Scope of government-authorized payment

Government-authorized payments refer to the payments for purchases and miscellaneous expenses other than direct fiscal payments for salaries and expenses on purchases for projects and relevant services. Specifically, such payments are for the acquisition of a single product or service of  less than RMB 100,000 each. Such payments also include the merchandise cost for the project (inclusive of management fees incurred by construction companies) with the annual investment value of less than RMB 500,000, various urgent outlays and other types of payment as approved by the Ministry of Finance.

Services

1. BOCOM handles matters related to budgeting government institution’s opening of zero balance account;

2. After BOCOM has received the Government Authorized Payment Advice, the bank then provides real-time enquiry service to answer any queries relating to the amounts payable and ensure the budgeted government departments obtains the authorized amounts in time;

3. BOCOM is equipped with advanced information technology to convey real-time feedbacks on detailed account information, authorized amounts and fund payments.

4. Real-time prompt messages on any adjustments of the payable amounts are issued by BOCOM through system prompts, emails, phone banking prompts and mobile phone short messages;

5. BOCOM sends out statistical reports and statements of account regularly and provides e-copies and downloadable reports and statements;

6. The Bank also provides various clearance modes and means such as by cheques, debit vouchers, cash receipt and payment, payment on demand, international remittances, bank draft and cash rebates.



 



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