Agribank can provide collection and payment services on behalf of financial institutions. Accordingly, on the basis of agreement and service implementation contract between Agribank and the Financial institution, certain customers of the financial institution (as agreed) may go to some or all Agribank transaction points to conduct a withdrawal or deposit transaction. Agribank will carry out the payment for or collection from these customers on behalf of the Financial Institution and create accounting at the end of the day on the FI's account opened at Agribank.
Agribank can provide collection and payment services on behalf of financial institutions. Accordingly, on the basis of agreement and service implementation contract between Agribank and the Financial institution, certain customers of the financial institution (as agreed) may go to some or all Agribank transaction points to conduct a withdrawal or deposit transaction. Agribank will carry out the payment for or collection from these customers on behalf of the Financial Institution and create accounting at the end of the day on the FI's account opened at Agribank.
Benefits
The financial institutions participating in this service of Agribank will bring the following benefits:
Minimize risks in hoarding, transportation, and cash counting;
Make quick and accurate cash payments;
Concentrate cash on regular account to improve the capital efficiency;
Save time and money;
Taking advantage of Agribank's network;
Increase and tighten the relationship between Agribank and correspondent banks