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Electronic Banking > Corporate Internet Banking > Group Settlement Center
Group Settlement Center

Introduction
The Group Settlement Center is the latest offering for corporate groups in centralized management of their company funds. The system satisfies the requirements of numerous corporate group clients.

The Group Settlement Center audits and manages the liquidity resources of all member companies in a Group using the internal deposit account and internal loan account. I. Centralized payment and collection, II. Internal financing via transfer of funds, III. Effective vehicle to use internal funds at the deposit/lending rate agreed internally, IV. Typical settlement through association between internal and external accounts to separate or combine collection and payment, V. Create more intelligence to the Group Settlement Center by adding analytical functions on the company funds.

Features
1. Clear system architecture. Same login interface is used as in Corporate Internet Banking Ver. 6.0. Payroll service, cash advance and reimbursement to staff, management of remittance accounts frequently used is available in online banking.
2. Centralized management of accounts. Accounts(headquarters and subsidiaries) enrolled in Hua Xia Bank and interbank accounts signed under interbank clearing agreement by headquarters can all be managed centrally from the new Group Settlement Center.
3. Fast and convenient transfer. All transfers to Hua Xia accounts are processed round-the-clock in real-time, transfers to accounts of other banks are processed directly via PBOC mass payment system, online payment interbank clearing system and local clearing system. Transfers are sent to back-office for processing in real-time.
4. Cash pooling options. Different settings for automatic cash pooling or manually if necessary. In case insufficient balance in the Group, cash can be supplemented to achieve centralized management and improve efficiency.
5. Risk-controlled service channel. New functions in the new Group Settlement Center are: monitoring on paper-processing accounts where processing procedures can be set on the account or amount. Risks are controlled by separating the person who initiates the transfer and the person who approves the transfer.
6. Clear account details: Account history includes information about the opposite party. New functions are enquiries on the status and approval of documents for easy reference by customers.
7. Simple and practical internal account setting. All internal accounts in a Group are displayed in an organization tree for calculation and analysis of the cost in the use of internal funds and interest management.
8. Convenient internal financing system. Subsidiaries can borrow from the Group in case of cash shortage. Through the system, Group headquarters can support the growth of its subsidiaries.

Target Clients Regional and nationwide small-to-medium corporate groups, who have not used any financial management software. Hua Xia Group Settlement Center can help them use Group funds efficiently.

Application Conditions
Corporate clients can apply at the account opening bank with the necessary identity documents (original and photocopy of the ID cards of the legal representative, officer-in-charge, staff-in-charge, authorized person), fill in the related application forms, then sign up Hua Xia Group Settlement Center Service 

Note: This page is for reference only, part of the business to local outlets announcement with specific provisions prevail.