A SYSTEM that recognizes and verifies the economic identity of organizations will be completed by December after it was introduced by the People's Bank of China, a bank source told Shanghai Daily yesterday.

The lenders are required to issue "institutional credit code certificates" to existing and new corporate clients from June 1, according to the central bank's announcement made earlier this year.

"The procedures to verify a company's identity are very cumbersome at present, which slows the banks' delivery of services such as deposits, foreign exchange and loans," the source said. "The central bank's management system of the credit codes already went online in June. About 20 percent of the companies with a basic bank account have received the credit code certificates from their bankers. All of them should have one by the end of this year."

"The certificate is like an identity card for the company," the source added.

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