Agricultural Bank of China Limited (ABC) has been greatly promoting the corporate online banking reconciliation service in recent years. By the end of June 2012, the number of ABC contract accounts for online reconciliation has reached 101,680,000with a contract signing rate of 24%, increased four times compared with early this year.
Online reconciliation is a service provided by ABC to help registered corporate online banking customers obtain reconciliation statement on specified accounts through online banking and finish account checking with ABC online. In order to further improve efficiency of bank-enterprise reconciliation, save cost and promote operational transformation, ABC has developed the function of bank-enterprise reconciliation for corporate online banking, which has been launched throughout ABC by the end of December, 2010.
Comparing with conventional paper reconciliation, online reconciliation has the advantages of higher efficiency, lower risk and lower cost. Online banking not only saves costs on preparation and delivery of reconciliation statements, but also reduces risk of information leakage during the reconciliation statements delivering. Moreover, the electronized procedure control helps standardize reconciliation operation. Practice has proved that vigorous development of ABC online reconciliation service effectively increases the number of corporate online banking customers and stimulates leapfrog development of the corporate online banking business.
Next, ABC will specify targets on contract signing for different stages, develop targeted marketing strategies, optimize contract signing procedure and put in place incentives and punishment measures. With these efforts, ABC will strive to promote rapid and healthy development of online reconciliation and play a greater role in risk control and business development.