CITIC Bank Jiaxing Branch Implements Its First Export Letter of Credit Supporting Document Preparation Service

This article is reprinted from: Jiaxing Daily

■ Mao Yayun

Recently, a foreign trade company in Jiaxing successfully completed an export letter of credit document submission through CITIC Bank’s online banking auxiliary document creation feature. It is understood that, as an innovation to empower foreign trade companies to improve quality and efficiency, this business also became the first export letter of credit auxiliary document creation business implemented across CITIC Bank Hangzhou Branch.

In the current environment where global trade competition is becoming increasingly fierce and cross-border settlement requirements are becoming more stringent, export letters of credit have become the core tool for foreign trade companies to securely receive payments. However, due to issues such as obscure terms, cumbersome document preparation, and low efficiency, professional operation of export letters of credit requires high expertise, making this business a bottleneck that restricts the development of companies’ cross-border operations.

To solve the difficulties faced by enterprises in financial operations, CITIC Bank has launched an online export letter of credit auxiliary document creation service for online banking clients. Enterprises designate CITIC Bank as the notification bank for the export letter of credit, submit pre-made document templates under the letter of credit via online banking, rely on standardized templates to complete document preparation, and ultimately achieve online document submission, effectively improving the efficiency and accuracy of document creation.

It is understood that the first client to pilot this new business is a long-term international business settlement customer of CITIC Bank Jiaxing Branch. Since opening an account in 2022, the company has been handling telegraphic transfer remittances at the bank, which has been costly and slow.

In February this year, CITIC Bank staff immediately connected with the company’s personnel upon the launch of the new business, providing a comprehensive explanation of the entire process of letter of credit settlement, assisting the company in issuing the export letter of credit. At the same time, they provided full guidance on the online auxiliary document creation process, patiently answering operational questions, ultimately ensuring the company’s smooth submission of documents, making export foreign trade document preparation simple and secure from then on.

A staff member from CITIC Bank Jiaxing Branch stated that the implementation of this first business not only reduced the company’s document creation costs and saved time spent on offline back-and-forth, but also helped foreign trade companies lacking document preparation experience effectively avoid the risk of rejection by issuing banks. This is a vivid example of CITIC Bank Jiaxing Branch leveraging innovative online products to empower the real economy. Moving forward, the branch will take this as an opportunity to continue deepening customer needs, integrating financial technology with professional services, exploring more new models of foreign exchange services, and striving to build the brand image of a “leading foreign exchange service bank.”