Summary
Payment and collection service on a real-time basis
Product Background
- - Customers need to visit the bank frequently for remittances of compensation and purchase costs, etc. to the multiple counterparts.
- - Physical delivery of cash to the branch offices may have potential risk of theft and other accidents.
- - Has to reflect results of remittance by the bank into the system (accounting, financial) of the company separately.
- - Difficulty in collection of sale proceeds from multiple counterparts.
- - Difficulty in collection in a timely manner as it has to wait for the remittance by the counterpart in a passive position
- - It is necessary to have manual reconciliation of collection amount by Resident Registration No. or applicant’s name and processing time of the person in charge increases accordingly.
※“Real-time Processing Service” of Citibank is recommended as a solution of the above, i.e. for the efficient processing of remittance and collection w/o physical visits to the banks by the people in charge.
Benefit of the Product
- - People in charge don’t need to make visits to the banks for remittance of purchase costs and merchant payment, etc.
- - Prevent the potential risk of theft and other accidents due to physical delivery of cash to the branch offices.
- - Companies can collect sale proceeds, etc. directly w/o physical visits to the banks by remitters.
- - Companies can send/receive pre-determined amount of funds on the date set by the company.
- - Automatic posting of internal remittance results into the system of the company (accounting and financial, etc.), which is interfaced with that of Citibank.
- - Reconciliation on collection is not required as a result of precise management of collection resource, staff in charge of collection, collection amount, etc.
Advantages of Citibank Product
- - Enhanced safety due to the data transmission over the separate private line between the company and the Bank.
- - Save processing time as collection and remittance transactions, which pop up frequently, are handled promptly.
- - Reflect processing result of remittance and collection automatically on a real-time basis as it is received promptly.
- - Achieve error-free remittance as actual holder of the deposit account is confirmed at the time of processing.
Transaction Terms
- - A legal vehicle with business registration no. in need of a large volume of remittances or collections by nature.
- - A company in need of real-time transactions, i.e. on-line money transactions by nature
Required Documents and Transaction Flow
- Required Documents
- - Basic agreement on firm banking service
- - Real time withdrawal service agreement
- - Online remittance 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.
- What is a private line?
- - If the private line established between the company and the Bank is used for sending/receiving remittance data, the VAN Service Provider who is acing as the intermediary for data transmission is not involved.
- We will be able to support whatever method you choose.
- - Please select an appropriate method to your environment between the private line and the supporting VAN Service Provider.
Question & Help
- Please consult a RM at corporate banking branch near you.
