Payments & Collections
We offer a wide range of payment and collection solutions to meet your business needs. Assist you in effectively managing receipts and payments to improve efficiency and enhance working capital management.
UOBC Cash Management Clearing Channels
- Currency
- Clearing Systems
| Currency | Clearing Systems |
| CNY | China National Advanced Payment System (CNAPS) - High Value Payment System (HVPS) / Bulk Electronic Payment System (BEPS) |
| NetsUnion Clearing Corporation (NUCC) | |
| Cross-border Interbank Payment System (CIPS) | |
| FCY | SWIFT (List of correspondent banks for UOBC) |
SWIFT gpi
A global solution
A global industry-based solution that allows member banks to track domestic and cross-border wire payments end-to-end, enabling them to extend the benefit of easier traceability of payments to their clients
Unique Transaction Reference
Inclusion of a Unique End-to-end Transaction Reference (UETR) in the payment message header, which is transmitted along with the payment across the entire payment route until the funds reach the beneficiary bank, enabling payment status to be identified and tracked on real-time basis via the SWIFT gpi Tracker
Access correspondent bank information
Access to information on correspondent bank charges applied along with the payment status
Available via UOB Infinity
Online tracking for payment status and fees available via UOB Infinity’s SWIFT gpi Enquiry functionality
Notification
SMS and email alert notification when beneficiary receives payment
Collection Reconciliation - Virtual Account
Simplify your receivables management
Streamlined AR reconciliation through effective payer identification.
Enhance working capital
Reduced Days Sales Outstanding (DSO) led to improved working capital.
Improve relationship with your clients
Improved relationship with your customers and better sales cycle with the timely release of credit lines.
Step 1
With UOB Virtual Account Services, unique virtual account numbers (VANs) are assigned to each of your customers or payers, allowing them to make payments directly to their designated VANs. A range of VANs will be assigned by the bank for your application. Alternatively, you can decide the range of virtual account numbers to be assigned to your customers, which are then set up by the Bank (e.g., using customer number as part of the virtual account number).
Step 2
Your customers can then indicate their assigned VAN as the crediting account number when making CNY payments across multiple channels.
Step 3
Upon receiving these payments, the bank will credit the funds directly to your UOB bank account linked to the VAN. The respective VANs corresponding to each of your customers will be shown in your bank statement, enabling you to identify the payers with greater ease during your AR reconciliation.
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Account Types
UOB supports a range of account types, catering to clients’ varied requirements, across sole proprietorships, joint ventures, locally incorporated entities or foreign-invested enterprises.
Escrow Services
UOB Escrow Service is specially designed to offer you a ready solution, giving you peace of mind in completing your complex business transactions.
Liquidity Management
Liquidity Management Service are professional liquidity solutions provided for enterprise clients. Aiming to help clients efficiently manage cash balances, optimize the efficiency of funding utilization, reduce financial costs, and ensure the safety of funds. This service meets the diverse needs of clients in daily operations, funds concentration, interest income and other aspects through flexible financial tools.
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