How do TI’s UnionPay corporate online bank payments differ from corporate online wire transfers?
A corporate wire transfer is an online transfer initiated by the payer company, with the payee account information and remittance amounts filled in manually. The payer initiates the transfer online or offline (in-person at the bank counter) when the payee bank receives the account information. When using TI’s UnionPay corporate online banking process, you do not need to manually initiate payments for your order. Please see this comparison table:
| Comparison Table | Corporate online banking payments (TI UnionPay corporate) | Corporate online banking wire transfer function (not offered by TI) |
|---|---|---|
Matches an online order |
Yes |
No |
Required to enter payment amount manually |
No |
Yes |
Required to enter company |
No |
Yes |
Required to apply and |
Yes |
No |