Summary
Collection service using CMS code throught branchs of Citibank korea
Product Background
- - There are regular collection transactions for sale proceeds and service charges, etc. from multiple counterparts.
- - Difficulty in administration and reconciliation of collection detail including collection resource and counterpart, etc.
- - Frequent input errors of resident registration no. and applicant’s name, etc. requires headcount and processing time of the staff in charge
※“CMS Code Service” of Citibank is recommended as a solution of the above, i.e. for the efficient processing of reconciliation of the detail of the frequent collection on a daily basis.
Benefit of the Product
- - Customers can manage payment resource and payment party of the remitter for the transaction with the entrustment request code.
- - Avoid uncertain payment detail as applicant’s name and entrustment request code, etc are verified at the time of payment.
- - Companies can upload the data regarding payment to the collection account to their own system (ERP system, etc.) and verify them on a real-time basis as they are received by batch or on a real-time basis.
- - Companies can utilize nationwide business network including the post offices in the country in the same manner.
- - Companies can reduce workload and headcount of the person in charge of collection as they can manage collection detail automatically in their system.
Advantages of Citibank Product
- - Depending on collection volume or needs of real-time processing in the company, a company can choose a receiving method of collection detail between VAN Service Provider and private line.
- - Depending on the needs, a company can also choose a receiving method of collection detail between batch and real-time.
- - The nationwide post office network for remittance adds more convenience to the counterparts in the country.
- - Avoid uncertain collection detail as applicant’s name, entrustment request code, availability for payment-by-payment tool, etc. are verified at the time of collection.
Transaction Terms
- - A legal vehicle with business registration no. in need of a large volume of collection by nature.
- - A legal vehicle such as a shopping mall, etc. in need of verification of payment detail on a real-time basis.
Required Documents and Transaction Flow
- Required Documents
- - Basic agreement on firm banking service
- - Money collection 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 the VAN Service Provider
- - Intermediary of transmission of the collection data received from banks to company’s system by batch or 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.
