Implementing digital transformation and sustainable development are important development issues for businesses. TDCC, which was established over three decades ago, has been dedicated to digital services development and advancing Fintech, providing a digital financial environment for the market, elevating financial market operation efficiency, and promoting financial inclusion. TDCC has launched various digital services, including TDCC ePASSBOOK, e-Voting, e-Meeting, Anti-money Laundering and Counter-terrorism Financing Screening Platform, Company Transparency Platform, eSMART digital book-entry platform, and digitalization of bond trade confirmation slips and bond passbook. In line with various innovative digital service development, the paid services that TDCC currently offers have also become highly diversified. The services have covered from the original participants of custody and book-entry services and current platform users (B2B) to general investors (B2C). TDCC’s efforts for promoting digital innovation has never stopped.
As playing a role in the digital service value chain, TDCC has been committed to innovative services for various transactions and inquiries. In addition, TDCC’s online E-billing service is also a part of its service value chain. In recent years, the pandemic has brought about a new normal: many participants work from home or remotely. Therefore, promoting online inquiry services for TDCC’s service fees and dematerialization is the key development direction; this also represents the last mile for TDCC’s digital innovation development. To provide real-time information on TDCC’s service fees, accelerate the implementation of the social responsibility for sustainable development, and incorporate digital services into ESG, TDCC has established the “TDCC E-billing Platform,” which is based on participants’ needs, integrates all E-billing service data and online inquiry functions to provide comprehensive, digitalized service fee inquiry services.
To ensure that each inquiry function in the platform meets users’ needs and solves most participants’ or platform users’ daily operation pain points, TDCC formed a cross-departmental task force in the initial phase of the platform construction. They adopted the agile development method, first interviewing participants about their pain points in daily operations and then organizing the needs and opinions of different participants. After building the preliminary prototype of the platform’s functions, TDCC invited participants to assist in testing. Throughout the development process, TDCC adopted users’ perspectives and habits and considered their suggestions for improving or modifying functions. Through this agile development process, TDCC hoped to build a platform tailored to the needs of various kinds of participants.
The TDCC E-Billing Platform was launched on September 1st, 2022. Through the platform’s integrating function, nearly 20 business systems’ service fee information is organized. The platform also provides a user-friendly interface and one-stop query functions for inquiring about and downloading all electronic documents, invoices, and fee lists. Moreover, through invoice account unification, participants can access all service fee information under different identities. This will improve operational efficiency and security, achieving information security without data downloaded or stored and creating a paperless system environment. Thus, the benefits of digitization can be maximized. Through the online platform’s inquiry services and functions, participants can obtain complete and up-to-date service fee information. Before the launch, delivering paper documents took about four to five working days. However, after the platform went live, the time needed was dramatically reduced to one working day to obtain all service fee information. Besides, participants can make inquiries and complete account checking more efficiently. This can considerably reduce costs such as paper consumption, manual binding, and postal delivery. In this way, participants and TDCC can both achieve corporate ESG goals.
Considering the significant number and diverse types of participants and platform operators served by TDCC, TDCC divided all user services into three stages based on service contents and business types, and services were phased in accordingly. The first stage began in September 2022. The services covered about 300 companies, including bill finance companies, clearing and settlement banks, investment trusts companies, investment consulting companies, companies using our cross-border custody service, and banks. The second stage was initiated in October 2022, with about 400 companies included, such as securities firms and custodians. The third stage started in November 2022, including about 2,100 issuing companies. In addition, a two-month dual-track implementation was adopted in the stage so that the platform services could be promoted smoothly.
The operation of the TDCC E-billing Platform is straightforward and convenient. Through graphical guidance, concise explanations, and a clear user interface, users can efficiently complete registration and related settings. To ensure that all users are familiar with the platform’s functions, we provided operational manuals and instructional videos at the beginning of the platform launch so that users could quickly learn each platform function. In addition, when a user logs into the platform, a one-time OTP password is sent to the user’s registered mailbox, further enhancing the user’s operational efficiency and information security. Moreover, through the pre-announcement and promotion before the launch, users were able to quickly complete registration and start their use during the early promotion stage, before the scheduled timeframe. During the promotion process, TDCC would assign hotline personnel for users unfamiliar with computer operations to assist them in registration and procedure setting. For continuous understanding and familiarity with participants’ operation needs, TDCC conducted user experience surveys after completing the platform launch. Thus, TDCC has kept collecting various users’ experiences, feedback, and problems encountered in the operation process. After organizing the data, TDCC can continue to optimize the platform’s functions and demonstrate the company’s professionalism in providing participants with solutions.
With the launch of the TDCC E-Billing Platform, the delivery of paper service fee information was discontinued in January 2023. Paper consumption is expected to decline by approximately 150,000 sheets per year, equivalent to a reduction of about 4,665 kilograms of carbon emissions, and 389 more trees planted. As paper consumption and carbon emissions decrease, TDCC and participants will plant the seeds for a sustainable environment, realize the goal of net zero carbon emissions, and continue building a digital-friendly, digitalized, and sustainable financial ecosystem.
