“Our company often needs to issue letters of credit, and the foreign party has high efficiency requirements. The issuance process through CIB is incredibly convenient, taking just a few hours, which is extremely convenient!” Recently, a business leader from a metal smelting company in Jiangxi applauded CIB’s fully online “automatic issuance” service for import letters of credit.
It is understood that through CIB’s fully online “automatic issuance” service for import letters of credit, enterprises no longer need to visit the bank to submit paperwork. Instead, they can submit their business background materials online through the CIB Butler (Single Doc Pass) platform. The system automatically verifies the relevant information, allowing an import letter of credit to be issued in as little as two hours. This process also reduces the need for paper document storage, facilitates enterprise data statistics and fund arrangements, and significantly enhances business management efficiency.
In recent years, CIB has advanced the digital transformation of cross-border finance by successively launching fully online services such as import financing and import letters of credit. Additionally, CIB has introduced “pure credit, online batch” cross-border financing products for small and micro export enterprises. These efforts continuously enhance the convenience and online level of cross-border trade financing. As of the end of June 2024, CIB has provided approximately 152 billion RMB in cross-border funding support for import and export enterprises.