Industrial Bank recently assisted Industrial Bank Urumqi Branch in launching Xinjiang’s first innovative cross-border labor fee issuance business for international road transportation.
This business comprehensively optimizes the batch distribution business process of cross-border labor fees for international road transportation through dual-dimensional innovation in technology and business. It provides a compliant and convenient innovative solution for Xinjiang’s cross-border land transportation industry payment, marking the Industrial Bank’s entry into a new stage of intelligence and efficiency in the field of cross-border financial services.
With the further advancement of the “One Belt, One Road” initiative, Xinjiang, as a land transportation hub, has seen rapid development in the cross-border land transportation industry.
From 2022 to 2024, the annual growth rate of the total mileage of land transportation in Xinjiang will exceed 17%. The transportation volume of the Horgos Port will reach 115 million tons in 2024, a year-on-year increase of 29%.
However, in the field of cross-border labor fee payment, there have long been pain points such as non-compliance in foreign exchange exchange, lack of cost deduction certificates for domestic enterprises, and inconvenience for overseas drivers to collect payments, which has restricted the development of the industry.
In response to the above problems, based on the business practice of Horgos Port, Industrial Data has technically implemented the “NRA account + domestic bank card” business model.
This model relies on the “Management Measures for RMB Bank Settlement Accounts of Overseas Institutions” and the cross-border financial innovation policy of the Horgos Free Trade Zone to build a closed-loop payment system of “domestic enterprises – overseas transportation enterprise NRA accounts – overseas drivers’ domestic bank cards”, and the entire process is settled in RMB to achieve compliance and convenience in cross-border payments.
In order to overcome the difficulties of batch distribution of cross-border labor fees for international road transport, break business support bottlenecks, and optimize customer service experience, the international business R&D team of Xingye Digital Financial Public Products R&D Center took the lead and linked multiple platforms such as personal foreign exchange settlement and sales systems, counter front-end integrated systems, local and foreign currency core business systems, imaging systems, and enterprise finance international business online service systems to fully carry out research and development work on the special task of batch issuance of cross-border RMB in Horgos.
During the project implementation, the project team organized many special business and technical exchanges, fully learned from the practical experience of other payroll scenarios, and deeply studied the business logic and operation scenarios of batch distribution of cross-border labor fees for international road transportation.
In just one month, the project team collaborated with various systems to efficiently promote demand analysis, interface design, coding and testing. On April 16, the Horgos cross-border RMB batch issuance function was quickly put into production and corporate customers were invited to try it out the next day. It was a complete success.
Compared with the traditional cross-border labor payment model, the upgraded system has many core functions such as batch payroll instruction entry and appointment push, online batch verification of payroll lists, domestic anti-money laundering pre-verification, and corporate payroll whitelist query, and the entire process
The system is automated and the process is simplified. Enterprises do not need tedious manual input or multiple errands to declare. The business processing steps are greatly simplified. Funds can be cleared in seconds and received in real time. This comprehensively improves the efficiency of cross-border fund settlement and effectively reduces the burden and increases efficiency of enterprises.
At the same time, this model supports overseas drivers to withdraw and consume cash at home and abroad, and binds mobile payment tools such as WeChat and Alipay to meet diversified payment needs.
And a full-process risk control mechanism of “subject qualification review – transaction background check – capital flow monitoring” has been established to ensure business compliance and controllability.
