Alibaba International Station launches "Instant Receipt" service to solve the problem of late arrival of cross-border funds

In this year's "Two Sessions" government work report , the development of new business forms and models such as cross-border e-commerce was highlighted . The report pointed out that in order 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 facilitating foreign exchange receipts and payments for trade.

Cross-border trade foreign exchange funds take a long time to arrive, which is a common pain point in the industry. "In the past, after overseas buyers used cross-border telegraphic transfer (TT) to remit funds, it took 2-7 days for the funds to arrive , which was very uncertain. " Yang Chaojun, the operator of Jiaxing Yihutong Import and Export Co., Ltd., said that if it happens on Saturdays, Sundays or holidays, there will be longer delays.

In order to effectively solve the pain points of merchants in the industry, after half a year of development and product debugging, during the March New Trade Festival, Alibaba International Station and a third-party agency launched the "Instant Receipt" service, which increased the merchant's fund arrival time to less than half an hour on average. Merchants can clearly see the time when buyers transfer money and the estimated time of arrival through the background. Not only that, there will also be reminders of fund flow information , and the time can be accurate to the hour and minute.

It is understood that the "instant arrival" service is a set of feasible technical solutions designed by analyzing the commonalities and extensibility between millions of information flows and capital flows through big data. It is also the first application of cross-border trade Class B funds to improve the arrival timeliness.

"The timeliness of payment is very important for Class B trade. The instant payment service can achieve payment within half an hour , which solves many of our worries . " Zhao Ming, the e-commerce director of Zhejiang Chuanyang Furniture Co., Ltd., was also troubled by the payment time. For example, after the customer drafts an order and reaches a consensus on the price, the customer can pay the deposit immediately, but if the payment is not received for a long time, it will cause disputes between buyers and sellers and affect business.

Cross-border TT remittance is different from the domestic remittance commonly used by consumers . It has many intermediate links and complicated processes , so it takes a long time. Cross-border funds also involve the trust issue between buyers and sellers. Relying on the endorsement of the platform, buyers and sellers can make payments with peace of mind without meeting each other.

Alibaba International Station's credit insurance fund business operation said that this service is based on the common needs of customers after investigation . As a platform , Alibaba International Station actively considers from the perspective of customers and cooperates with third-party institutions to enhance customer value in cross-border service trade . Instant payment can give merchants more time to arrange production and delivery, so that no business is difficult to do.

As a representative B2B platform for cross-border e-commerce , Alibaba International Station launched the "10 billion ecological investment fund" plan last year to accelerate the layout of the "digital new foreign trade" track, strengthen platform function construction, and improve services in logistics, payment, customs clearance, tax refund and other links.

Alibaba International Station