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Payment Agency
 
About payment agency
The commodity exchange payment agency ("payment agency”) is a money transfer service provided by CMB for exchanges and customers based on a payment agency agreement between CMB, commodity exchanges, and emergent exchange-traded markets (“exchange”), and a service agreement between CMB and its customers. It also includes fund management services provided in the payment agency contract.
Characteristics
Payment Agency is an innovative money transfer and management mode developed by cooperation between CMB and leading domestic commodity exchanges and emergent exchange-traded markets. In this mode, CMB manages fund while exchanges handle transactions.
The payment agency service provides adequate and effective protection. Customers’ funds are deposited and secured in the general account directly managed by CMB to protect embezzlement.
CMB uses special digital certificates to authenticate customers’ identities and payment instructions in the transaction process to ensure security of money.
The payment process is well-designed and well-regulated. CMB checks all payment instructions given by each customer at the end of each trading day in exchanges, after which the net amounts of payables and receivables are calculated and transferred.
Thanks to CMB’s stable and powerful transaction system, the money transfer is highly secure and efficient.
Individual customers can use CMB’s online banking system to apply for or terminate the payment agency service and special digital certificate, transfer money, and check transactions. Enterprise customers can transfer money and check transactions on CMB’s corporate banking system.
Individual customers can transfer money through Private Banking (professional and general edition), while enterprise customers can transfer money at counters or through the Corporate Banking system. Money transferred in the same city arrives immediately.
Channels

Transaction

Enterprises

Individual

Corporate customer counters at the account opening branch

 

Corporate Banking

Private Banking (general edition)

Private Banking (professional edition)

Activate payment agency

 

 

Transfers

Check transactions

Disable the payment agency

 

 

Apply for the special digital certificate

 

 

Cancel special digital certificates

 

 

Note: Enterprise customers can apply for the payment agency service at the counters of their settlement account opening banks.

Instructions
Application procedure for the payment agency service
Individual customers:
Step 1: Open a settlement account at a CMB branch, and enable Private Banking (professional edition).
Step 2: Open a transaction account at an exchange that has partnered with CMB, and designate CMB as the payment agency bank.
Step 3: Activate the payment agency service on CMB Private Banking (professional edition) – Investment Management – Commodity – Payment Agency – Function Management.
Step 4: Apply for the special digital certificate on CMB Private Banking (professional edition) – Investment Management – Commodity – Payment Agency – Certificate Management.

 

Enterprise customers:
Step 1: Open a settlement account at the enterprise customer counter of a CMB branch, and apply for Corporate Banking.
Step 2: Open a transaction account at an exchange that has partnered with CMB, and designate CMB as the payment agency bank.
Step 3: Actuate the payment agency service at the enterprise customer counter of a CMB branch.
(Enterprise customers must fill out the Application for CMB Payment Agency Service, and seal the application form with their official stamp and the stamp of their legal/authorized representative. The legal representative should provide his/her original ID card and a photocopy. If the application is made by proxy, the proxy should hold the original ID card and photocopy of the legal representative and a letter of proxy. All photocopies should be sealed with the official stamp.)
Step 4: Submit the application for a special digital certificate at the enterprise customer counter of a CMB branch.

Account opening website of partner exchange
Tianjin Culture Artwork Exchange: http://www.tjcae.com/
About the special digital certificate
The special digital certificate is issued by CMB to confirm a customer’s identity and transaction instructions. It is used in all CMB's partner commodity exchanges and is carried on a USB-KEY.

Application and use of special digital certificate
Individual customers:
Step 1: Apply for the digital certificate on Private Banking (professional edition). Fill out the application form and include your postal address.
Step 2: CMB will issue the certificate based on your application, and mail you the USB-KEY carrying the certificate and an envelope containing the certificate password.
Enterprise customers:
Step 1: Apply for a special digital certificate at the enterprise customer counter of a CMB branch.
Step 2: CMB will issue the certificate based on your application, and mail you the USB-KEY carrying the certificate and an envelope containing the certificate password.
(Enterprise customers must fill out the Application for the CMB Special Digital Payment Agency Certificate, and seal it with the stamp used to open the settlement account for payment agency. The legal representative of an enterprise customer must provide their original ID card and photocopy. If the application is made by proxy, the proxy should provide the letter of proxy, the legal representative’s original ID card and a photocopy, and the proxy’s original ID card and a photocopy.)
Canceling the special digital certificate
Individual customers can cancel the special digital certificate on Private Banking (professional edition).
Enterprise customers can cancel the special digital certificate at an enterprise customer counter of a CMB branch.

Using the special digital certificate
Before logging in to the transaction software of the exchange, you should insert the certificate into your computer and enter the password. Payment instructions need to first be confirmed with the digital certificate.
Transfers using the payment agency
The money transfer function through the payment agency can transfer money between your bank settlement account and CMB’s general payment agency account.
’Transfer-in’ transfers money from your CMB settlement account to CMB’s general payment agency account.
Money transfer-in menu
Individual customers:
CMB Private Banking (Professional Edition) – Investment Management – Commodity – Payment Agency – Money Transfer – From Current Deposit Account to Payment Agency Account.
CMB Private Banking (General Edition) – Self-Service Money Transfer – Outward Transfer – Commodity Transaction Payment Agency – Money Transfer – From Current Deposit Account to Payment Agency Account.
Enterprise customers:
CMB Corporate Banking – Investment & Wealth Management - Commodity Transaction Payment Agency
‘Transfer-out’ transfers money from CMB's general account to your settlement account.
Money transfer-out menu
Individual customers:
CMB Private Banking (Professional Edition) – Investment Management – Commodity – Payment Agency – Money Transfer – From Payment Agency Account to Current Deposit Account
CMB Private Banking (General Edition) – Self-Service Money Transfer – Outward Transfer – Commodity Transaction Payment Agency – Money Transfer – From Payment Agency Account to Current Deposit Account
Enterprise customers:
CMB Corporate Banking - Investment & Wealth Management - Commodity Transaction Payment Agency
The time period for processing money transfer is subject to announcements by our partner exchanges.
The money transfer service through the payment agency does not incur commission.
Transaction inquiry: Individual customers can check the closing balance for the previous date, current available balance, and record of previous transfers on Private Banking (professional and general edition). Enterprise customers can check previous transactions at a enterprise customer counter of any CMB branch and through the CMB Corporate Banking system.
Notice
1. To designate the payment agency bank, the materials that you provide to apply for the payment agency service must be the same as those provided to the exchange.
2. The special digital certificate only applies for confirming payment instructions made by you at the exchange.
3. Before making a payment instruction at the exchange, you must use the digital certificate to confirm your identity and authenticate your payment instructions.
4. As the USB-KEY carrying the digital certificate is posted to you, you must write down your name and postal address on the application form on Private Banking (professional edition) or at the enterprise customer counter. CMB is not liable for any loss caused by failure to receive the digital certificate due to false, inaccurate or incomplete information provided by you.
5. You have up to nine opportunities to enter the password on the special digital certificate. If you fail to input the correct password, the system freezes the certificate automatically. If your certificate is frozen, you have to apply for another.
6. If you are an individual, you can only transfer money for transactions through CMB’s online banking system.
7. A digital certificate is effective for a year. You can renew your certificate on the exchange client or on CMB’s certificate renewal website.
8. Enterprise customers can apply for the payment agency service at the counters of their settlement account opening banks only.
9. When processing money transfer-out applications, CMB sets a daily transfer-out limit, which is your closing balance in the account on the previous trading day plus the transfer-in amount on the current day minus the transfer-out amount on the current day. The maximum transfer-out limit for each transaction is the smaller amount of the current available balance and the real-time balance of the money transfer limit shown on your payment agency account.
10. The payment agency service does not support deposit banks and credit cards.
11. If CMB or an exchange becomes aware of any misconduct, CMB reserves the right to suspend money transfers.
12. CMB only provides money transfers, payments and collection services under the payment agency service contract, and assumes no responsibilities related to any transactions.
Process of cooperation with commodity exchanges
1. The commodity exchange and CMB declare their cooperation intention.
2. The commodity exchange and CMB enter a payment agency service contract, and sign other legal documents.
3. The commodity exchange and CMB separately develop and test their interfaces, and configure the related equipment.
4. The commodity exchange and CMB jointly commission the network and complete other preparatory tasks.
FAQ
1. What is a commodity exchange and emergency exchange-traded market?
A commodity exchange adopts electronic measures to enable people to trade materials including steel, coal, oil, lead, zinc, aluminum, copper, tin, nickel, rare earth minerals, silk, rubber, plastic and sugar. An emergent exchange-traded market is an innovative internal-trading exchange, and is smaller and less mature than stock, bond, futures and commodity exchanges. Items traded on an exchange-traded market mainly comprise stocks, ownership, art, technologies and environments.
2. Which CMB cards does the payment agency service apply for?
Currently, the service applies to All-in-One Cards (general and VIP cards) and Sunflower cards. Exchanges may announce certain access requirements. (Note: The service does not apply to credit cards and deposit books.)
3. As an individual applicant to the service, should I apply for the Private Banking (professional edition) online first?
Yes. Individual customers must apply for Private Banking (professional edition) for their bank card to enable the payment agency service.
4. Can I apply for this service for a bank card that has automatically actuated Private Banking?
No. Your card has automatically actuated the general edition of Private Banking, not the professional edition.
5. Does this service support foreign currency accounts?
Currently, only Chinese accounts are supported.
6. Can I apply for this service for one bank settlement account to transact several exchanges?
Yes.
7. Does it support enterprise exchange customers?
Yes.
8. How do I apply for the special digital certificate?
Individual customers can apply on Private Banking (professional edition) and enterprise customers at the enterprise customer counter of CMB branches.
9. What should I do if I lose or damage my certificate?
Individual customers should cancel the certificate on Private Banking (professional edition) and apply for another. Enterprise customers should do the same at the enterprise customer counter of CMB branches. You need to pay for  a new digital certificate.
10. Do I need different certificates to conduct transactions at several exchanges?
No, just one.
11. If my certificate is frozen, how do I unfreeze it?
Once your certificate is frozen, you need to cancel it, apply for another, and pay for the new one.
12. Can I use the digital certificate to transfer other money?
The special digital certificate only enables you to make payment instructions at exchanges.
13. Can I apply for and cancel this service at anytime of a day?
Please refer to the announcements of our partner exchanges for details.
14. What are the requirements for canceling the payment agency service?
To cancel the service, you must have no balance in CMB's payment agency account book, issue no payments or transaction instructions, and have no payments pending.
15. Where is the transaction fund deposited?
The transaction fund is transferred into a general account under CMB's management.
16. Does the money transfer service charge commission?
No.
17. Can I transfer transaction fund through exchanges?
No. You can only transfer money through CMB.
18. How do I change the bank settlement account designated for the payment service?
You can cancel the payment agency service for the original settlement account and re-apply using another. One transaction account opened at an exchange can correspond to only one settlement account.
19. How do I calculate the max transfer-out limit for each daily transaction?
The maximum transfer-out limit for each day is your closing balance in the account on the previous trading day plus the transfer-in amount on the current day minus the transfer-out amount on the current day. The maximum transfer-out limit for each transaction is the smaller amount of the current available balance and the real-time balance of the money transfer limit shown on your payment agency account.

Note:
All the contents stated above are for your reference only. Please consult the local branch of China Merchants Bank for further information. China Merchants Bank reserves the ultimate right of interpretation for the contents in this page.