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Agency Service for Authorized Payments by the Central Fiscal Authority

Overview
The Agency Service for Authorized Payments by the Central Fiscal Authority is a financial service where ABC, as the agent bank, makes payment through the single account system of the Treasury directly to the payee account (the goods or services provider) within the limit approved by the Ministry of Finance ("MOF"), upon receiving the payment instructions from the budgetary unit as duly authorized by the MOF.

Features
This service satisfies the need of the budgetary unit to make payment directly via the single account system of the Treasury to the payee account within MOF authorized limits.

Procedures
1. The budgetary unit opens a zero balance account with ABC.
2. The MOF sends to ABC the Notice on the Authorized Payment Limit and the Schedule of the Notice on the Authorized Payment Limit.
3. After receiving the payment limit authorized by the central fiscal authority, ABC outlets download relevant information from the information system, and then sends the Notice on the Receipt of Authorized Payment Limit to budgetary units.
4. Upon receiving the payment application submitted by budgetary units, ABC outlets make payments within the MOF approved limit with the amount credited to the payee account on a real-time basis.
5. ABC submits the statements to the MOF, the PBOC, and the budgetary units on a daily, ten-day, and monthly basis. ABC sends the limit statement and the details statement to the budgetary units at the beginning of each month.

Note: Please contact your local branch for detailed information about the service.

Customer Service Center : 95599

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