OREANDA-NEWS. March 28, 2011. Convenient, safe and highly efficient, accumulated transaction volumes of Baosteel electronic commercial billing system "Billing Express" exceeded 20billion since successful commissioning last June, reported the press-centre of Peoples Bank of Baosteel.

Former business activities between domestic enterprises by important notes of commercial bills, bankers' acceptances were facilitated in paper form through long-distance delivery. Risks of forfeit and fabrication occurred during distant delivery, deposit and redemption.

As Fortune 500 with subsidiaries all over the world, huge delivery volume of Baosteel paper bills amounted to near hundreds of billion every year. Baosteel Finance Corporation and Baosight cooperated closely in deciding to establish multifunction, comprehensive and electronic billing management system to improve efficiency and reduce risks. Baosteel Finance Corporation thus elaborated requirements on function, risk control, operation interface and process based on its business features. Baosight adopted advanced online risk control techniques in strict accordance with customer needs and optimized preliminary design scheme of the system.   

Baosteel "Billing Express" connected with electronic billing system of People's Bank of China, commercial banks and integrated financial information system of Baosteel Group. Building parties faced difficulties in varied interfaces, high technical requirements and system complication. Baosteel Finance Corporation further enhanced system management and maintenance since its successful commissioning. Till end of February, Baosteel "Billing Express" had issued 523 bills. System operated stably with monthly gradual growth in business scope. 

Successful commissioning of Baosteel "Billing Express" facilitated paper-free billing, automatic transaction and settlement, concentrated enterprise billing information management; reduced or eliminated latent risks in delivery of important bills, promoted process reengineering of billing and budgeting, improved core competitiveness in electronic billing payment, implemented strategy of digital Baosteel. In awarding and business promotion symposium of electronic commercial bill system building hosted by People's Bank of China, Baosteel "Billing Express"received unanimous acclamation from specialists, winning "electronic commercial bill business expansion prize".