Name
Nationwide exchange of check image
Introduction
It refers to a kind of business that the payee submits a transfer check within the nation while the physical check is retained in the receiving bank, which will transfer the check information to the drawer's account-opening bank by means of image processing, for the purpose of payment reminder.
Features
1. It expands the application scope of checks and converses paper checks into check image, so that the check can be used throughout the country;
2. Business procedures remain constant while fund across cities s can be delivered to account in a timely and safe manner.
Scope of Application
It is available to both corporate customers and individual customers for domestic cross-city account settlement of various payments.
Process
1. The drawer (payer) issues a check and affixes on it the signature and seal which are reserved in the bank;
2. Within the validity period of check payment, the bearer (payee) may endorse and transfer the check to the endorsee. During the endorsement, endorsee's name and endorsement date should be written by the payee or endorser on it, also, the signature and seal should be left on it;
3. The payee conducts the consignment collection of check (cross-city or inter-city) in the account-opening bank; while the receiving bank retains the physical check and makes the payment to payee's account after the payment is made by the paying bank.
Kind Reminder
1. This business covers the entire country.
2. The validity period of the check is ten days; please honor it in the bank before the expiry day.
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