Fund Clearing

Definition
«First Sino Bank» leverages on its Internet Banking and in-house realtime fund transfer system to provide interbank and inter-region RMB fund clearing services for banking institutions such as foreign-invested banks and local commercial banks. The service includes internal fund clearing and agency payment.
Applicable Clients
Foreign-invested banks in China, or local commercial banks with under-developed internal fund transfer system.
Service Flow
1. Customer requests for fund clearing;
2. Sketch a fund clearing plan as required;
3. Sign fund clearing agreement with the customer;
4. Open standby fund account at «First Sino Bank» and deposit adequate provisional fund;
5. Depository bank of payee in other city receives the fund transfer voucher, completes the transfer, and advises payee.
Price
Subject to regulations of the People's Bank of China - under regulatory arrangement, principal bank pays 50% service fee and 100% TT expenses; under agency agreement, the principal bank pays 200% service fee and 100% TT expenses.