All corporate customers of the Industrial and Commercial Bank of China (ICBC) can now use the bank’s electronic bill service through the Electronic Commercial Draft System (ECDS) initiated by the People’s Bank of China.

This new service delivered via ICBC’s Corporate Internet Banking enables electronic processing of a bill of drawing, acceptance, cash-through endorsement, collection and credited into account. All the related funds are cleared in real-time. Information is available for enquiry anytime. ICBC adopts electronic signature and proven security authentication mechanism to ensure the exclusivity, integrity and security in the process.

Compared to paper commercial drafts, the electronic drafts offer many new features of replacing the use of physical bills with data messages, replacing written or stamped signatures with electronic signatures, replacing manual delivery with network transmission, and using computerized entries instead of manually written. Transactions are fast and convenient.

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