ICBC has recently launched the direct interface with post-trade confirmation of foreign exchange inquiry business for China Foreign Exchange Trade System (CFETS), making it one of the first in the industry directly connected to the platform, which further strengthened its back office support and service for the financial market business.

According to an official with ICBC, the post-trade confirmation is an effective approach to verifying authenticity and validity of foreign exchange trades as well as preventing relevant risks. With this capability, ICBC has realized automatic two-way communication with the post-trade confirmation system of CFETS. The interface allows delivery of trade confirmation message and real-time data transmission, review, matching and status feedback, which simplifies the process flow and improves business efficiency. In addition, ICBC has established a straight-through processing mechanism for foreign exchange inquiry trade ranging from trade implementation, trade acquisition, trade confirmation to payment, realizing effective management of financial trade life cycle.

The direct interface for post-trade confirmation is developed based on trade confirmation message of CFETS, the first of its kind for China's finance sector issued by ISO.This move will effectively boost the seamless connection between domestic and foreign trading systems and help develop offshore RMB clearing and related business.