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Everbright Bank Displays New On-line Settlement Solution
The Everbright Bank of China (EBC) displayed its new on-line corporate account settlement solution Wednesday, making instant transfer of accounts in various districts possible for the first time in China.
Bankers and financial experts regard it as a "revolutionary progress" in the banks' settlement area, which is expected to save costs of 370 million yuan each year and largely improve settlement efficiency.
A spokesman for the EBC said corporate institutions can choose any of EBC's business outlets nationwide to transfer accounts in Renminbi to another company, which will receive the account instantly no matter where it is located.
This time, there will be no time and space limit, compared with the traditional bank account transfer in 24 hours and withdrawal at the open-account bank, the spokesman noted.
Meanwhile, the solution gives consideration to safety measures to ensure a secure transfer of account. The inter-linked computer system is capable of examining and verifying the seal, and secret codes are applied in the process.
Established in 1992, the Everbright Bank of China is the country's sole state-owned share-controlling commercial bank with the stake of international financial institutions. In 2000, it ranked the 300th among the top 1,000 global bank institutions.
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