Shanghai launches "Domestic Freight Foreign Exchange Payment Facilitation" application scenario

On April 1, the Shanghai Branch of the State Administration of Foreign Exchange launched an application scenario on the cross-border financial services platform—“Facilitating Cross-Border Freight Foreign Exchange Payments for Payments in China.” The scenario relies on the State Administration of Foreign Exchange’s cross-border financial services platform and uses the maritime trade blockchain network to connect with invoice data from the Shanghai Taxation Bureau, enabling online automatic verification of ocean freight invoice information and trusted mutual recognition of cross-bank remittance payment data.

It is understood that Shanghai has a high concentration of international freight forwarding enterprises, and there is strong demand for cross-border freight foreign exchange payment services within China. In the past, companies had to submit large amounts of invoice materials, and banks manually verified each invoice one by one, making the process cumbersome. There was also a risk of electronic invoices being reused and of making duplicate remittances. With the launch of the “Facilitating Cross-Border Freight Foreign Exchange Payments” scenario, this industry problem has been addressed.

With the new scenario now live, it brings notable convenience to both banks and enterprises. It establishes a data-trustworthy exchange and effective verification mechanism among banks, enterprises, the foreign exchange authority, and the tax authority, enabling online verification of invoice information and trusted mutual recognition of cross-bank remittance payment data. This improves the quality and effectiveness of trade-background review carried out by banks when handling cross-border freight foreign exchange payment services for payments in China.

【Source: China Water Transport Network】