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E-fund system launched
( 2001-11-06 11:02 ) (1 )

Customers of the Industrial and Commercial Bank of China (ICBC) will be able to enjoy the bank's electronic remittance services at more than 30,000 outlets nationwide including very remote regions.

The services will enable customers to remit money to recipients' accounts within 24 hours using the bank's electronic fund transfer system that covers the whole country, an ICBC spokesman said.

He said the safe, fast and convenient facility was designed to improve its intermediary service standard and win more customers.

China's commercial banks and postal bureaux began to offer the electronic remittance services several years ago in a bid to enrich their product line.

The service was embraced by customers for its safety and speed.

The ICBC spokesman said the company has found increasing demand for the services from different regions and institutions.

But it had not been extended to all the country yet as the technology of banks and postal bureaux cannot support it in remote areas.

Chinese banks have kept upgrading their technology in recent years and experts claim some of them are now on a par with international counterparts.