In this year's "Two Sessions" government work report, the development of cross-border e-commerce and other new business models and new models were highlighted. The report pointed out that to promote the stable development of imports and exports, it is necessary to strengthen credit support for small and medium-sized foreign trade enterprises, and deepen the pilot program of facilitation of foreign exchange receipts and payments in trade.
The receipt and payment of foreign exchange funds in cross-border trade takes a long time and arrives late, which is a common pain point in the industry. “In the past, after overseas buyers used cross-border telegraphic transfer (TT) to remit money, the payment cycle took 2-7 days, and the uncertainty was very strong.” said Yang Chaojun, the operator of Jiaxing Yihutong Import and Export Co., Ltd., if you encounter Zhou On Saturdays or holidays, there will be longer delays.
In order to effectively solve the industry pain points of merchants, after half a year of development and product debugging, during the March New Trade Festival, Alibaba International Station and third-party organizations launched the "instantaneous account" service to improve the timeliness for merchants’ funds to be received. To an average of less than half an hour. Merchants can clearly see the time when buyers make money and the estimated time of arrival through the background. Not only that, there will also be reminders on the capital flow information, and the time can be accurate to a few minutes.
It is understood that the "instantaneous account" service is to analyze the commonality and extensibility between millions of information flows and capital flows through big data, thereby designing a set of feasible technical solutions, which is also a cross-border trade B The first application of class funds to improve the timeliness of the account.
“Account arrival time is very important for Type B trade. The instant account arrival service can achieve the account within half an hour, which solves a lot of worries for us.” Zhao Ming, the e-commerce supervisor of Zhejiang Chuanyang Furniture Co., Ltd., was also responsible for the arrival of the account. Time troubles. For example, after a customer drafts an order and negotiates a consensus, the customer can immediately make a deposit. However, if the payment is not received late, it will cause wrangling between buyers and sellers and affect business.
Cross-border TT remittance is different from the common domestic transfer and remittance of consumers. There are many intermediate links and complicated procedures, so it takes a long time. Cross-border funds also involve the issue of trust between buyers and sellers. Relying on the endorsement of the platform, buyers and sellers can make payments with peace of mind without seeing each other.
Alibaba International Station's credit insurance capital business operation stated that the service is based on common needs after customer research. As the platform, Alibaba International Station actively considers from the perspective of customers in conjunction with third-party agencies to increase customer value in cross-border service trade. . The instant arrival of the account can give businesses more affluent time to arrange production and delivery, so that there is no difficult business in the world.
As a representative platform of cross-border e-commerce B2B, Alibaba International launched the "10 billion ecological investment fund" plan last year, accelerated the layout of the "digital new foreign trade" track, strengthened the construction of platform functions, and improved logistics, payment, customs clearance, tax rebates, etc. Link of service.