Introduction to Settlement

Money transactions in accounts are one of the important functions in the banks. These transactions refer to cash deposits to and withdrawals from the account. These cash transactions can be done in different currencies. The money transactions also involve the transfer of funds from one account to another. Selling and buying foreign currencies are also required in the banking business.

The settlement covers these different types of financial transactions to move money into and out of accounts.

This document gives a solution for settlement activities carried out in accounts by banks in China.

• This functionality pertains to cash and funds transfer transactions for corporate and individual demand accounts.
• Bank can provide different conditions in different types of accounts i.e. corporate and demand accounts related to money transactions.
• Bank can setup different cash amount limits for cash deposit and withdrawal for corporate and individual demand accounts in different currencies.
• Cash deposit and withdrawal can be done in corporate demand accounts.
• Cash deposit and withdrawal can be done in individual demand accounts.
• Funds can be transferred between the same currency corporate and individual demand accounts.
• Sale and purchase of foreign currency.
• Fees can be collected for corporate and individual customers in cash or by debit to the customer’s account.
• Customers can inform the bank in case of a large amount of cash withdrawals and the bank can maintain the details of the information.
• Enquiry for transaction entries can be done on accounts.