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Introduction

Bank of China, New York Branch is a major player in the U.S. dollar clearing market. Commencing as the principal clearing channel for the Bank of China group and gaining the trust and support of banks and financial institutions throughout the world, the U.S. dollar clearing business of New York Branch experienced rapid growth over the past decade. We have maintained the 11th ranking by clearing volume among CHIPS (The Clearing House Interbank Payments System, a premier bank-owned payments system for clearing large value payments) since 2002. We can offer you following benefits if you choose us as your U.S. dollar clearing channel:

·         We are a member of both Reserve Wire Transfer System (FEDWIRE) and Clearing House Inter-bank Payment System (CHIPS), the two predominant payment systems in the U.S.

Currently our proprietary payment system, GPS (Global Payment System), operates 21.5 hours per day and is connected to the SWIFT 24/7.

·         GPS is connected to the FEDWIRE and CHIPS in real time.

Other features of GPS include consistent performance, over 80% STP (Straight-Through-Processing), comprehensive risk control mechanism and high automation, such as automatic receipt/execution of payment orders from/through FEDWIRE, CHIPS and SWIFT.

·         Same day investigation reply is strictly enforced to facilitate rapid inquiry resolution.

We have been very successful in assisting our customers with optimal solutions if claims or compensations are requested owing to our experienced and bilingual staff. We have also set up U.S. Dollar Clearing Beijing Service Team at the Clearing Center of the head office to provide necessary coverage to our Chinese customers for their investigation needs. These, coupled with our GPIS (Global Payment Inquiry System) and BOCIBS (Bank of China Internet Banking Service) ensure that customers can review and inquire their transactions and account information anywhere, anytime.

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