Renpay
B2B Payments
The Digital Banking solution for Hong Kong and China businesses to trade with the world.
Reinventing Business Banking
A Joint Venture of the PBoC and the Sino-Swiss Banking Group
Renpay is a Joint Venture of the People’s Bank of China with private industry. The banking platform is specialised towards obtaining oil, gas and petroleum, oil products and precious. metals for Chinese businesses from international suppliers. The banking environment is specialised to service commercial contracts, and provides a business to business (B2B) format between Chinese commercial consumers and international refineries, mining groups, distributors and producers. The banking platform has also been integrated into trading desks in Liechtenstein and the UAE, and our wholly owned Swiss subsidiary which operates a FINMA licensed payment system in Switzerland, a payment system in Estonia and an ADGM business banking and financing entity.
Business Banking Reinvented
100% Cloud based. Part of the Marco Polo Network.
VISOGO
VISOGO uses smartphone technology to scan and verify ID documents and a user’s biometric data. This is then cross referenced against Interpol and Europol databases, and all globally published sanctions lists.
GlobalPass Integration
GlobalPass performs KYC and KYB verification and compliance checks. The technology includes KYC Verification Checks, AML / OFAC / PEP Screening, Forensic Analysis of contracts and associated documents, Geolocation Analysis, Verification of UBOs and a total risk assessment screen.
Transaction Tracking
If both the supplier and the buyer are on the Renpay platform, both participants can upload documents for forensic analysis to track the progress of the transaction. This ensures the transaction progress has a verified, real-time tracking monitor.
Digital Payment Guarantee (DPG)
®
Digital Payment Guarantee ® is an instrument created by Renpay and the PBoC to replaces SBLC, DLC and all other traditional instruments by blocking funds in favour of the agreement lodged on the Renpay system. This system underwrites one full shipping tranche of the contract for the full value of one tranche. This is locked into the system and not used unless there is a legal dispute and the buyer has defaulted.
B2B Transaction Management
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Commodity
Management and Acquisition
The platform gives the user an interface to track the pricing of their commodity of interest. This will be set against the pricing on the most recent contracts and spot pricing. For instance, if the customer is seeking EN590 10ppm, the client can look at current pricing, 5 year historical data, and price predictions. They can then look at anonymised pricing agreed over a set time period.
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The user can then upload all transaction documents and initiate the forensic analysis of the agreement.
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Digital Payments & the Digital Payment Guarantee ®
Once the agreement has been arranged, the commercial customer can block funds through the use of the Digital Payment Guarantee ® in favour of the supplier. This is a legal guarantee in favour of the supplier. When payment is due, the seller can release the payment manually, or elect to allow the system to run automatically.
Integration with Traditional Banking
Transact Within Swift
If your transaction partner is not eligible to use Renpay, or does not wish to sign up to become a Renpay customer, buyers can still use Renpay to guarantee payments and send Swift payments. Renpay can block or guarantee funds using the Digital Payment Guarantee ® in favour of a supplier listed in a contractual agreement with a Renpay customer. This can be then confirmed either with a Swift instrument or by email. The underwritten funds can be sent to the supplier through Renpay's Swift registered subsidiary in Switzerland in a choice of 31 currencies. Alternatively, the customer can agree alternative payment terms with the supplier.
Additional Non-Core
Features
“Marketplace: A place where clients can see a list of other public businesses on the banking platform; they can connect with these businesses to do business.”
Transactions: List of transactions with detailed information for auditing
Tracking: Live order tracking: confirmation, fulfilment, cancellation
“B2B integration into business apps: Make b2b transactions all within the app, this will generate an invoice and allow exporting to other formats i.e., pdf, CSV etc..”
"Invoices and receipts confirmation: Forensic auditing and tracking of invoices, payments and receipts."
Balance: Live balance and history
Currency: live currency indicators
Digital RMB: charts and insights
Digital RMB: purchase in advance
Alerts: The app will make use of push notifications
Support: Built-in live customer support with text and voice support.