Summary
Collection and payment through korea Financial
Telecommunications & Clearings Institute (KFTC) network system
Telecommunications & Clearings Institute (KFTC) network system
Product Background
- - A large volume of small fund transactions with multiple banks in Korea.
- - High costs for collection and payment
Benefit of the Product
- Debit Transfer Service
- - Fund transfer from multiple customers designated accounts to company's account for collection of various bills and fees such as Insurance premium and credit card payment on the pre-determined date
- Credit Transfer Service
- - Fund Transfer from Company's account to multiple beneficiaries designated accounts for payment of various purchase costs, dividends and compensation etc.
Transaction Terms
- - Companies who have a large volume of transactions for collection and payment
Required Documents and Transaction Flow
- Required Documents
- - Submit the CMS Service Application to the Corporate Banking branch (Application forms are distributed at KFTC and Citibank branches.)
- - Submit the CMS Service Application to KFTC in case it is the first time arrangement.
- - Upon approval from KFTC, user ID will be assigned for test and implementation of the service.
- Transaction Flow Diagram
