Summary
Multiple collection from distributors or merchants can be processed straightly at a time
Product Background
- - Customer needs to visit banks whenever remittances of compensation, payment of purchase cost, and payment of bills are required.
- - Physical delivery of cash to the branch offices after posting into the internal computer system in the company may have potential risk of theft and other accidents.
- - Staffs spend time to make visits to the branch offices of the Bank.
- - Possibility of potential error for double input due to the separate registration into other media including internet banking, etc.
※“Mass Payment Service” of Citibank is recommended as a solution of the above, i.e. for remittances of large volume payment such as compensation, purchase cost, etc., to multiple counterparts by companies.
Benefit of the Product
- - Customer does not need to visit banks whenever remittances of compensation, payment of purchase cost, and payment of bills are required.
- - Protect customers from potential risk of theft and other accidents on the way of physical delivery of cash to the branch offices.
- - Staffs can reduce workload and processing time as they don’t make visits to the branch offices of the Bank.
- - Automatic posting of internal remittance results into the system of the company (accounting and financial, etc.), which is interfaced with that of Citibank.
- - Simplify duplicate processing of remittance results into the internal computer system.
- - The computer system of the company generates tickets automatically at the same time with remittances posted at the Bank.
Advantages of Citibank Product
- - Customers can send and receive data through the intermediary, a VAN Service Provider.
- - Customers can save network charges for sending/receiving data as remittance data is sent/received in a file.
- - Precise results will be reflected since the companies send the remittance data.
- - Customers can make collection on the pre-set date.
Transaction Terms
- - A legal vehicle with the business registration license in need of large volume of remittances.
- - A company in need of large volume of remittances to the counterparts or merchants such as credit card companies, department stores, insurance companies, network marketing companies, etc.
Required Documents and Transaction Flow
- Required Documents
- - Basic agreement on firm banking service
- - Lump sum transfer (lump sum deposit) service agreement
- Transaction Flow Diagram
- Responsibility of the Company
- - Execute transmission agreement with VAN service provider.
- - Execute the service agreement with Citibank.
- - Conduct test systems of company the Bank.
- Responsibility of VAN Service Provider
- - Intermediary of the data transmission between the company and the designated bank for receiving and sending transaction by transaction.
- Firm-Banking Supporting VAN Service Provider
- - DACOM, KSNET, LG CNS, SDS, POS-NET, EC-BANK, etc.
