First global payroll business launched in BDA
Foreign employees are unable to enter China due to the pandemic. How are their salaries paid?
Recently, under the guidance of the Bureau of Commerce and Finance of the Beijing Economic and Technological Development Area (BDA), the ICBC Beijing Pilot Free Trade Zone Sub-branch successfully handled the first global payroll business in the area.
Global payroll business is a centralized payment product in which ICBC provides cross-border payroll or instructs overseas accounts to pay for multinational companies relying on its 428 overseas branches in 48 countries and regions around the world.
The payroll approach provides enterprise users with information services such as multiple payment channels, accounting methods, rights management modes, salary templates, and payment notifications, making enterprise salary payment more secure, convenient and efficient.
In the traditional overseas remittance mode, corporate financial personnel need to carry information and go to the counter of the bank regularly every month for processing. The information is too large and the timeliness cannot be guaranteed.
After learning about the needs of the enterprises, they searched for more convenient and efficient solutions. After careful communication with customers, the bank tailored the global payroll business for the customers, according to the ICBC sub-branch.