What is the fund settlement system?
The fund settlement system is a RMB multilateral netting fund settlement system the CCB develops on its own through high-tech electronic means. It integrates transfer, reconciliation, settlement, information access, monitoring and account verification, performs fund transfer and settlement simultaneously, and provides efficient and secure services. The system provides for real-time settlement and account verification within the CCB, enables rapid transfer of funds between different locations for businesses and individuals, and offers advanced means of different-location transfer and settlement for other commercial banks, foreign banks, and large companies.
During the three years of operation, the settlement system has been running well. The quality of the service has witnessed a steady increase, and the information channel remains unblocked. By Oct. 1999, CCB had conducted 78.89 million deals of remittance, with a total amount of RMB2.233 billion, and a daily volume of 105 thousand deals, RMB29.6 billion. No loss of information has occurred in any deal, which helps CCB win praise from clients. The opening of the settlement system has put an end to the long remittance time in the past, when it took usually days or even one week for a single remittance to be made. Now, an electronic remittance takes less than 24 hours to reach the client’ account and the express one will only take several hours, helping the clients enjoy real swiftness and convenience of the system.