Shanghai has launched the “Domestic Freight Payment Facilitation with Foreign Exchange” application scenario

On April 1st, the Shanghai Branch of the State Administration of Foreign Exchange (SAFE) launched the “Facilitation of Domestic Freight Payment in Foreign Exchange” application scenario on its cross-border financial service platform. This scenario, leveraging the SAFE’s cross-border financial service platform, connects with the invoice data from the Shanghai Tax Bureau through the aviation and trade blockchain network, enabling online automatic verification of sea freight invoice information and trusted mutual recognition of cross-bank payment data.
It is reported that Shanghai has a cluster of international freight forwarding enterprises, and there is a strong demand for domestic freight foreign exchange payment. In the past, enterprises needed to submit a large number of invoice materials for business processing, and banks manually verified each invoice, which was a cumbersome process. There were also risks of repeated use of electronic invoices and repeated foreign exchange payments. The introduction of the “domestic freight foreign exchange payment facilitation” scenario has solved this industry problem.
The launch of the new scenario has brought significant convenience to banks and enterprises. It has established a trusted data exchange and effective verification mechanism among banks, enterprises, foreign exchange bureaus, and tax bureaus, enabling online verification of invoice information and trusted mutual recognition of cross-bank foreign exchange payment data, thereby improving the quality and efficiency of trade background verification for domestic freight foreign exchange payment services handled by banks.