Recently, CIB introduced the CIB Shipping Financial Service Plan (hereinafter referred to as the “Service Plan”). Leveraging the CIB Butler (Single Doc Pass) platform, the Service Plan aims to offer shipping and logistics companies a range of cross-border financial products. These products include direct freight payment, fast domestic and foreign currency freight payment, customs duty payment, payroll payment systems for shipping companies, electronic documents, cross-border financing, and exchange rate hedging. This comprehensive range of services supports the high-quality development of shipping enterprises.
The shipping finance direct collection feature is a key highlight of the service plan. This function streamlines the remittance business processing workflow by transitioning from manual review of each transaction to intelligent system review and automatic posting. This transition significantly reduces business processing time. It is particularly suitable for scenarios that demand high capital turnover efficiency and involve fixed transaction partners in service trade maritime freight collection.
“By submitting the shipping direct collection application online through the CIB Butler (Single Doc Pass) platform, we achieved fully automated and intelligent collection processing. The time required for a single entry operation was reduced from 3 hours to 20 seconds, significantly enhancing capital turnover efficiency,” said the head of an international freight forwarding micro-enterprise in Shenzhen.
The service plan also includes CIB’s specialized domestic and foreign currency fast freight payment settlement product. By submitting invoices and other trade-related documents through the shipping finance module of CIB Butler (Single Doc Pass), customers can automatically generate a Domestic Remittance Application and complete the entire process of domestic maritime freight payment online. This specialized settlement product has been included in the “Special Products and Service Cases for the Construction of Financial Institution Service Channels” organized by both the Chongqing Branch of the People’s Bank of China and the Chongqing Branch of the State Administration of Foreign Exchange.
CIB has innovatively developed an overseas payroll collection and settlement business, a cross-border payroll facilitation settlement product, to address the payroll settlement challenges of cross-border labor enterprises, foreign labor cooperation companies, and overseas employees in the shipping sector. This product offers fast, zero-cost foreign currency payroll distribution services, enabling employees to receive their salaries automatically without the need for declarations and allowing them to settle their salaries online. This facilitates company business development and provides robust `support for employee payroll settlement.
Additionally, in terms of account services, as the only joint-stock bank with a cross-border onshore full account system, CIB offers shipping and logistics companies a range of account services, including FT, HT, EF, and NRA accounts. The bank uses these accounts to provide comprehensive cross-border financial services, such as operational settlement and FICC exchange rate hedging fund value preservation and appreciation.
Currently, CIB has provided nearly a thousand shipping and logistics companies with a range of high-quality financial services, including deposits, loans, and foreign exchange. “We will fully implement the State Council’s directives on further stabilizing foreign trade and investment, develop more specialized shipping financial products based on market demand, continuously improve cross-border financial service levels, and significantly contribute to facilitating cross-border trade and optimizing the business environment,” said a relevant person in charge at CIB.