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Agency Direct Payment for Fiscal Authority

Overview
The Agency Direct Payment for Fiscal Authority is provided by ABC where the fiscal authority issues payment instructions to the PBOC and ABC, based on the payment application submitted by the budget units, transfers money directly into the accounts of the goods sellers and/or service providers and/or fund users from the zero balance accounts of the fiscal authority in accordance with the instructions. 

Features
This service satisfies the need of the fiscal authority to make payments directly from the single account system of the treasury to the payee accounts based on the payment application of the budget units.

Procedures
1. The fiscal authority issues the Certificate of Direct Fiscal Payment to inform ABC of payment after the summary application for payment submitted by the budget units is approved. At the same time, the fiscal authority issues the Notice on the Consolidated Clearing Limit for Direct Fiscal Payment to the PBOC as the basis for consolidated clearing.

2. Upon receiving the payment instruction, ABC transfers money to the payee or fund user timely and accurately once the instructions are checked and confirmed. Furthermore, ABC summarizes the actual payment information of the day, issues the debiting certificate, and submits to the PBOC together with a list of debiting details for clearing with the single account of the treasury.

3. Upon receiving the debiting application submitted by the correspondent bank, the PBOC checks with the Notice on the Consolidated Clearing Limit for Direct Fiscal Payment and then makes clearing in accordance with relevant procedures if no discrepancy is identified.

4. On the next morning following the day of direct fiscal payment, ABC submits the receipt to the fiscal authority and sends the Notice of Crediting of Direct Fiscal Payment affixed with the seal to the budget unit.

Application Channels
Designated ABC outlets.

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

Customer Service Center : 95599

Outlet

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